Battling Cancer Inspires Launch of Oncology Ventures to Improve Medical Care

Ben Friberg, a former partner at venture firm Alpha Partners, experienced a life-changing personal ordeal that reshaped both his life and career. During a typical workday, he suddenly lost consciousness, and despite undergoing extensive medical tests, doctors found no abnormalities. Friberg was told that his symptoms were minor and not to worry. However, less than a year later, he was diagnosed with stage 3a cancer, revealing that his earlier episode was a warning sign of a serious illness. The late diagnosis led to multiple surgeries and a course of chemotherapy.

Friberg’s battle with cancer prompted him to reevaluate his priorities and goals. Realizing the critical importance of early detection and effective treatment, he decided to dedicate his career to improving the quality of cancer care. Six and a half years after his diagnosis, Friberg founded and closed the first Oncology Ventures fund, securing $30 million in capital.

Despite the challenges of raising funds for new ventures, Friberg’s personal story and professional background were decisive factors in his success. He had previously served as vice president at the venture fund United Health Optum Ventures and worked with Thyme Care, a cancer care startup backed by major venture firms. This experience enabled him to attract capital from leading healthcare institutions such as Cardinal Health, City of Hope, and Moffitt Cancer Center.

Unlike many other venture firms focused on oncology, Oncology Ventures does not invest in drug development. Instead, the firm focuses on supporting startups that use data to improve patient care, from early detection to optimizing treatment plans. As Friberg noted, cancer treatment is one of the most costly areas in healthcare today, and investing in startups that help reduce these costs and improve outcomes presents a unique opportunity.

Oncology Ventures, which writes checks ranging from $250,000 to $1.5 million, has already supported seven startups, including Gabbi, a platform for early breast cancer detection; Reimagine Care, a provider of virtual oncology care; and OncoveryCare, a teleclinic for cancer survivors.

Friberg believes that his personal experience with cancer helps him build trust with startup founders and secure favorable deals. He recalls how founders shared their stories with him, finding in him a compassionate listener.

In the future, Friberg plans to expand his team and hire another partner to strengthen his firm. The advisory board of Oncology Ventures already includes respected experts such as Dr. Lee Newcomer, former chief medical officer of UnitedHealth Group, and Carolyn Starrett, CEO of Flatiron Health.