Ben Freeberg was an associate at a venture firm Alpha Partners when he suddenly passed out in the middle of the day. He sought medical help, and after running a few diagnostic tests, doctors didn’t find anything wrong with him.
“They told me I was overreacting,” Freeberg told TechCrunch. But a little less than twelve months later, he was diagnosed with Stage 3a cancer, and it became evident that the incident was the beginning of the disease. “If they detected my cancer earlier, I could have avoided multiple surgeries and maybe even a chemotherapy regimen.”
Being a cancer survivor shaped not only his life but also his career. He set his sights on launching a venture fund devoted to improving cancer care and research. Six and a half years after his diagnosis, Freeberg closed the inaugural Oncology Ventures fund with $30 million in committed capital.
It’s no secret that it’s a challenging fundraising environment for emerging managers. But Freeberg’s personal experience and his background as a vice president at United Health’s VC arm Optum Ventures and at an Andreessen Horowitz and Bessemer-backed cancer care startup Thyme Health, helped him. He attracted capital from prominent healthcare institutions including Cardinal Health, City of Hope and Moffitt Cancer Center.
Unlike other cancer-focused VC firms, including Reed Jobs’ Yosemite, which raised $200 million for its debut fund last year, Oncology Ventures doesn’t invest in drug discovery. The firm is focused on startups that improve care with the help of data and tackle challenges from early detection to choosing optimal treatment plans.
“Treating cancer is employers’ top healthcare cost now,” Freeberg said, adding that investing in startups that help decrease expenses and improve outcomes is a significant opportunity.
The firm, which writes checks ranging from $250,000 to $1.5 million, has already backed seven startups, including Gabbi, an early detection platform for breast cancer; Reimagine Care, a provider of virtual-first cancer and recovery care, and OncoveryCare, a teleclinic for cancer survivors.
Freeberg believes his own experience with cancer helps him connect with founders and win competitive deals.
“I’ve had founders tear up during meetings,” he said. “It was refreshing for them to speak with me about their mission and what they are trying to achieve.”
Freeberg, a solo GP, said he intends to eventually bring on another partner.
The firm’s advisory board includes Dr. Lee Newcomer, former chief medical officer of UnitedHealth Group and Carolyn Starrett, CEO of Flatiron Health, an oncology information startup acquired by Roche for nearly $2 billion.
