Ben Freeberg was an associate at venture capital firm Alpha Partners when he suddenly lost consciousness in broad daylight. He sought medical help and underwent several diagnostic tests, but doctors could not find anything wrong with him.
“The doctors told me I was overreacting,” Freeberg told TechCrunch. But just under 12 months later, he was diagnosed with stage 3a cancer, revealing that this incident was just the beginning. “If they'd caught it sooner, I could have avoided multiple surgeries and possibly chemotherapy.”
Beating cancer not only impacted his life but his career as well, and he set his sights on starting a venture fund aimed at improving cancer treatment and research. Six and a half years after his diagnosis, Freeberg closed his first Oncology Ventures fund with $30 million in capital.
It's a tough fundraising environment for emerging managers, but Mr. Freeberg's personal experience and his background as a vice president at Optum Ventures, the venture capital arm of UnitedHealth, and at Time Health, a cancer-care startup backed by Andreessen Horowitz & Bessemer, helped. He raised money from prominent medical institutions, including Cardinal Health, City of Hope and Moffitt Cancer Center.
Unlike other cancer-focused venture capital firms, such as Reed Jobs' Yosemite, which raised $200 million for its first fund last year, Oncology Ventures doesn't invest in new drug discovery. The firm focuses on startups that use data to improve care and address challenges from early detection to choosing the best treatment plan.
“Cancer care is currently the largest healthcare expense for employers,” Freeberg said, adding that investing in startups that can help reduce costs and improve treatment outcomes is a big opportunity.
The company, 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, which provides virtual-first cancer treatment and recovery care; and OncoveryCare, a remote clinic for cancer survivors.
Freeberg believes his experience with cancer will help him connect with founders and land competitive deals.
“I've had founders in tears during meetings,” he says. “It was refreshing for them to talk to me about their mission and what they were trying to accomplish.”
Freeberg is in solo practice but said he plans to eventually bring on another partner.
The company's advisory board includes Dr. Lee Newcomer, former chief medical officer at UnitedHealth Group, and Carolyn Starrett, CEO of Flatiron Health, an oncology information startup that Roche acquired for about $2 billion.