OncoveryCare (previously known as VivorCare) closed an oversubscribed $4.5 million seed financing to launch its novel cancer survivorship care model. This funding round was led by .406 Ventures alongside the McKay Institute for Oncology Transformation at Tennessee Oncology.
Tennessee Oncology treats half of Tennessee’s cancer patients at 35 clinical sites of care. It is also a founding member of OneOncology, a fast-growing oncology platform dedicated to supporting independent oncology practices through capital, technology, and expertise. Additional investors in the round include Oncology Ventures and Techstars. Along with the funding round, OncoveryCare also announced a partnership with Tennessee Oncology, which will enable the company to offer its care model to patients across Tennessee.
The population of cancer survivors is growing rapidly in the US, and it is expected to double between 2008 and 2030 to 22 million due to both the rising incidence of the disease and lower mortality rates from advances in treatment. And cancer survivors can face major challenges after active cancer treatment, such as cardiotoxicity and cancer-related fatigue, complex screening and monitoring protocols, and anxiety and depression associated with cancer diagnosis and treatment. So there is a gap in the cancer care continuum: the management of survivorship remains fragmented, unstructured, and reliant on an overburdened oncology workforce, which leads to high costs and poor outcomes. And OncoveryCare aims to fill this survivorship gap.
OncoveryCare is launching with a virtual care model for cancer survivorship and it equips patients with a wraparound care team of survivorship-trained clinicians. And the Initial areas of focus include toxicity management, mental health support, navigation and care planning, and preventative care.
OncoveryCare is also partnering with the McKay Institute (the dedicated innovation arm of Tennessee Oncology), one of the nation’s largest community-based cancer care specialists) to scale the intervention across Tennessee Oncology’s survivor population with the goal of expanding to the oncology world at large.
KEY QUOTES:
“Survivorship is the next frontier in cancer care delivery. For decades we have been focused on finding the cure for cancer. Now we have to answer the question: what happens when people survive?”
– Hil Moss, Co-founder and Chief Executive Officer of OncoveryCare, whose own experience as a breast cancer survivor motivated her to launch the company
“Cancer survivors face a unique set of clinical challenges that stem from cancer treatment, which can impact both mental and physical health. We are building a comprehensive care model to intervene on the short- and long-term effects of a cancer diagnosis.”
– Dr. Justin Grischkan, Co-founder and Chief Medical Officer
“Through the McKay Institute, we aim to bring new ideas into our organization, bolstering technologies, innovations, and leadership crucial for the evolution of oncology care. Teaming up with OncoveryCare, we will provide the necessary clinical infrastructure and leadership support to advance this cutting-edge care delivery model.”
– Natalie Dickson, MD, Chief Executive Officer at Tennessee Oncology
“We had a longstanding thesis in the cancer survivorship space and had been searching for a company that addresses the meaningful and costly challenges that cancer survivors face. Hil and Justin’s deep understanding of the problem has allowed them to build a thoughtful and comprehensive solution, and they have found an ideal launch partner in Tennessee Oncology.”
– Payal Agrawal Divakaran, Partner at .406 Ventures
