During a regular workday at Alpha Partners, associate Ben Freeberg abruptly lost consciousness. He promptly sought medical consultation, yet initial tests revealed no apparent health issues.
Freeberg shared with TechCrunch, “The doctors suggested I was exaggerating my condition.” However, within a year, he received a Stage 3a cancer diagnosis, highlighting that his earlier fainting episode was a forewarning of his illness. “Had my cancer been identified sooner, I might have been spared from undergoing several surgeries and potentially, avoided chemotherapy.”
Surviving cancer profoundly influenced Freeberg’s personal and professional journey. He was inspired to establish a venture fund specifically aimed at enhancing cancer treatment and research. Six and a half years following his own diagnosis, Freeberg successfully launched the first Oncology Ventures fund, securing $30 million in committed funds.
Despite the difficulties current market conditions pose for new fund managers, Freeberg’s direct experience with cancer combined with his professional history, including roles at Optum Ventures of United Health and cancer care innovator Thyme Care, bolstered his fundraising efforts. He managed to draw investment from leading healthcare entities such as Cardinal Health, City of Hope, and Moffitt Cancer Center.
Setting itself apart from other oncology-focused venture capital efforts like Reed Jobs’ Yosemite, which amassed $200 million in its initial fundraising effort, Oncology Ventures strategically avoids investing in drug discovery. Instead, the firm concentrates on startups that leverage data to enhance care, targeting early disease detection and the optimization of treatment protocols.
“Cancer treatment is now the highest medical cost for employers,” noted Freeberg, emphasizing the substantial potential in investing in ventures that endeavor to lower healthcare spending while enhancing patient outcomes.
Oncology Ventures, engaging in investments ranging from $250,000 to $1.5 million, has already supported seven startups. These include Gabbi, a platform focusing on early breast cancer detection; Reimagine Care, which offers virtual-first cancer and recovery care services; and OncoveryCare, a telemedicine clinic for individuals who have overcome cancer.
Freeberg feels that his personal battle with cancer not only shapes his investment perspective but also strengthens his relationships with entrepreneurs, often giving him the upper hand in securing deals.
“Founders have gotten emotional during our discussions,” he commented. “For them, it was refreshing to talk about their goals with someone who genuinely understands their mission.”
As the sole general partner of the firm, Freeberg envisages expanding the leadership team by introducing another partner in the future.
The advisory board for the firm includes notable figures such as Dr. Lee Newcomer, ex-chief medical officer at UnitedHealth Group, and Carolyn Starrett, CEO of Flatiron Health, an oncology informatics startup that Roche acquired for close to $2 billion.
Compiled by Techarena.au.
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