In 2022, the world faced the harsh reality of cancer, with 20 million new cases and 9.7 million lives lost to the disease. With over 53.5 million people living within five years of a diagnosis, cancer’s impact is felt by nearly everyone, as 1 in 5 people will develop it in their lifetime.
Oncology Ventures is where hope and science meet, offering a lifeline to millions. Every new discovery in this field isn’t just about technology—it’s about giving patients and their families a fighting chance.
Oncology, led by seasoned healthcare investor Ben Freeberg, has announced the successful close of its oversubscribed $30 million Fund I. This fund is laser-focused on investing in data-driven startups that aim to transform cancer care and research, making it more affordable, efficient, and accessible for patients and their families.
Ben Freeberg’s journey to launching Oncology Ventures is deeply personal and shaped by his own battle with cancer. Six and a half years ago, while working as an associate at Alpha Partners, Freeberg experienced a sudden health scare that doctors initially dismissed. It wasn’t until nearly a year later that he was diagnosed with Stage 3a cancer, a discovery that came too late to prevent multiple surgeries and a grueling chemotherapy regimen. This harrowing experience ignited a passion in Freeberg to make a difference in the oncology space, leading him to leverage his extensive background in healthcare investment to create a fund dedicated to improving cancer care.
Oncology Ventures is not your typical venture fund. Unlike others that might focus on drug discovery, this fund is committed to supporting startups that use data and AI to tackle some of the most pressing challenges in oncology, from early detection to optimizing treatment plans. Freeberg, who previously held leadership roles at Optum Ventures and cancer care startup Thyme Care, understands the critical need for innovation in this space. “Cancer care today is not only expensive but also incredibly complex. We are committed to investing in cutting-edge solutions that simplify and enhance every stage of the cancer journey,” Freeberg shared.
The impact of cancer is both vast and devastating. In the United States alone, annual spending on cancer care has reached a staggering $210 billion, with costs rising at an alarming rate of 12% per year. Nearly 40% of individuals will develop cancer at some point in their lives, and for many, the financial burden is catastrophic—42% of cancer patients lose their life savings within two years of diagnosis. Oncology Ventures aims to reverse these trends by backing startups that focus on value-based care, improving patient outcomes while reducing costs.
The fund’s early investments reflect its strategic priorities. Oncology Ventures has already made seven key investments, including in companies like Gabbi, an early detection platform for breast cancer, and Reimagine Care, which provides virtual-first cancer and recovery care. Another notable investment is in OncoveryCare, a teleclinic designed to support cancer survivors. Each of these startups is working to address different stages of the cancer journey, from detection to survivorship, and all are united by a common goal: to bring meaningful change to the lives of those affected by cancer.
Oncology Ventures’ advisory board is a powerhouse of expertise, featuring prominent figures such as Dr. Lee Newcomer, the former Chief Medical Officer of UnitedHealth Group; Emily Melton, co-founder of Threshold Ventures; Carolyn Starrett, CEO of Flatiron Health; and Dr. Jeff Patton, CEO of OneOncology. This distinguished group of advisors, combined with the fund’s backing from leading institutions like Cardinal Health, City of Hope, and Moffitt Cancer Center, underscores the fund’s commitment to driving innovation in oncology.
For Freeberg, the mission of Oncology Ventures is deeply personal and profoundly impactful. “My experience with cancer has given me a unique perspective on the challenges that patients and their families face,” he said. “We are not just investing in companies; we are investing in solutions that have the potential to save lives and improve the quality of life for millions of people.”
Oncology Ventures has quickly established itself as a significant player in the oncology space, with its innovative approach to investment and its focus on real-world impact. The fund’s comprehensive investment strategy spans a wide range of areas, from early detection and care navigation to precision oncology and healthcare AI enablement. Through its strategic industry connections and network of limited partners, Oncology Ventures has also been instrumental in securing enterprise contracts for its portfolio companies, further accelerating their growth and impact.
As the fund continues to grow and evolve, Freeberg remains committed to the mission that inspired its creation. “We are here to make a difference,” he said. “And with the support of our advisory board, our investors, and the incredible startups we are backing, I believe we are well on our way to doing just that.”
