Oncology Ventures, an Austin, Texas-based venture capital firm investing in commercially validated startups transforming cancer care, has announced the close of an 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 Moffitt Cancer Center, City of Hope, Atlantic Health, and Cardinal Health, which all participated in Fund I, and new limited partners including Fred Hutch Cancer Center and other leading institutions. The fund’s limited partner network collectively treats one in three cancer patients in the United States.
Oncology Ventures was founded by Ben Freeberg, who brings what he describes as a triple perspective advantage: the lens of an investor as a former vice president at Optum Ventures, a cancer startup operator through his work at Thyme Care, now valued at $1 billion, and a patient, having survived a Stage 3a cancer diagnosis marked by a year of misdiagnosis, neutropenia, 40 daily medications, and multiple surgeries. The firm invests in the picks-and-shovels infrastructure of a $225 billion oncology market growing at 12% annually, which Freeberg notes is also the number one cost driver for large employers and commercial health plans.
The fund’s anchor, Texas Oncology, has more than 550 physicians and 300 locations, caring for more than 250,000 unique cancer patients each year, providing Oncology Ventures portfolio companies with real-world validation from day one alongside leading clinicians. 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.
Early portfolio 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 more than 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.
KEY QUOTES:
“1,700 people die of cancer every day in the U.S. 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.”
“The gap between oncology breakthroughs and oncology delivery has never been wider. 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.”
“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.”
Ben Freeberg, Founder and Managing Partner, Oncology Ventures
