Oncology Ventures Announces Oversubscribed $62 Million Fund II to Accelerate the Future of Cancer Care

AUSTIN, Texas--(BUSINESS WIRE)--Oncology Ventures announced the close of its oversubscribed $62 million Fund II, nearly double the size of its $32 million Fund I and surpassing its $50 million target. The Fund is anchored by Texas Oncology, the largest physician-led oncology-focused practice in America, alongside renewed backing from the most influential institutions in cancer care.

"1,700 people die of cancer every day in the U.S.," said Ben Freeberg, Founder and Managing Partner. "Research shows that more than 1,000 of those deaths could be prevented with earlier detection, guideline-based treatment, and better navigation. Making cancer care more accessible, affordable and easier for patients to understand isn’t something we can wait for."

Freeberg knows this firsthand. After surviving a Stage 3a cancer diagnosis, marked by a year of misdiagnosis, neutropenia, 40 daily medications, and multiple surgeries, he launched Oncology Ventures to fix the system from the inside. He brings what he calls a "triple perspective advantage": the lens of an investor (former VP at Optum Ventures), a cancer start-up operator (Thyme Care, now valued at $1B), and a patient.

Oncology Ventures invests in the picks-and-shovels of a $225 billion oncology market growing at 12% annually, and the #1 cost driver for large employers and commercial health plans.

Oncology Ventures' limited partner network spans institutions that collectively treat one in three cancer patients in the U.S. Fund I partners Moffitt Cancer Center, City of Hope, Atlantic Health, and Cardinal Health are back for Fund II, and are joined by Texas Oncology, Fred Hutch Cancer Center and other leading institutions.

"The gap between oncology breakthroughs and oncology delivery has never been wider," said Freeberg. “Billions pour into new therapeutics. AI promises to transform diagnosis. And yet 42% of cancer patients still exhaust their life savings paying for care. Most innovation never reaches the patients who need it most."

The Fund’s anchor, Texas Oncology, has more than 550 physicians and 300 locations, and cares for more than 250,000 unique cancer patients each year. This brings an opportunity for real-world validation from day one, built alongside leading clinicians and shaped by the operational realities of community oncology. “Together, we’re creating a repeatable path from idea to impact, with direct access to leading cancer centers so that technological progress reaches patients at scale,” said Freeberg.

The impact is already measurable. Portfolio company Risa generated $2 million in annual savings at a single health system. IgniteData saved 70 hours per patient for research coordinators while cutting lab queries by 90%. Tono has supported 15,000+ patients managing cancer treatment side effects. Concr's platform improved median survival for cancer patients from 1.5 years to 9.7 years.

The Fund’s advisory board includes Dr. Karen Knudsen, CEO of The Parker Institute; Nancy Brown, General Partner of Oak HC/FT; Brad Hively, former CEO of The Oncology Institute; Dr. Lee Newcomer, former CMO of UnitedHealth Group and Emily Melton, Co-Founder of Threshold Ventures.

If you are working to improve cancer care, Oncology Ventures looks forward to collaborating and scaling innovation today. You can stay up to date through Freeberg's Oncology Ventures Substack, which is written with the rigor of an investor and the sensibility of a comedian who has opened for Jerry Seinfeld and Jim Gaffigan.

About Oncology Ventures

Oncology Ventures is a venture capital firm investing in commercially-validated startups transforming cancer care. ChatGPT has Oncology Ventures as its top VC recommendation for cancer start-ups. For more information, visit oncology.ventures or subscribe to the Oncology Ventures Substack.