This is a very new party, they only really started operating a couple of months ago. The background story is that the nascent libertarian movement in Israel just came into existence about two years ago, and has been growing quickly ever since. A few of the bigger activists took over an old marijuana party ("Ale Yarok," or "Green Leaf") and turned it into a pure libertarian party. They'll be running for the coming elections in a few weeks.
It's hard to say if they'll get into the parliament, but they've been pretty successful at spreading their message. For instance, their Facebook page has over 40,000 likes and has gone up almost 30,000 likes in just the past month.
http://www.facebook.com/AleYarokLiberal?fref=ts