Oncology-focused venture capital firm closes $30 million fund

Venture capital fund Oncology Ventures announced the closing of its oversubscribed $30 million Fund I, which will invest in data-driven startups aimed at improving cancer care and research.

New York-based Oncology Ventures is led by Ben Freeberg, a healthcare investor who previously served as vice president at Optum Ventures and was an early employee at Alpha Partners. Freeberg said his operational experience at oncology startup Thyme Care and his personal experience as a cancer survivor position him well to invest in and support the next generation of oncology startups.

“Today, cancer care is prohibitively expensive and overly complex. We will invest in cutting-edge data and AI solutions to address oncology’s most pressing challenges, from early detection to treatment optimization,” Freeberg, founder and managing partner of Oncology Ventures, said in a statement. “We are thrilled by the overwhelming support for our first fund to accelerate innovation in oncology.”

Oncology Ventures’ advisory board is comprised of a distinguished group of experts in healthcare, venture capital and oncology, including former UnitedHealth Group Chief Medical Officer (Dr. Lee Newcomer), Threshold Ventures co-founder (Emily Melton), Flatiron Health CEO (Carolyn Starrett) and OneOncology CEO (Dr. Jeff Patton).

Additionally, the fund is supported by several institutions, including Cardinal Health, City of Hope and Moffitt Cancer Center.

Oncology Ventures has made seven investments, ranging from early cancer detection (Gabbi and mPATH) to care navigation during treatment (Reimagine Care) to post-heart attack care (OncoveryCare). The fund also invests in companies focused on cancer clinical trials (IgniteData), precision oncology (Concr) and AI-enabled healthcare (Health Univers).