The company is radically redefining the care model for cancer survivorship
BOSTON, MA / ACCESSWIRE / May 23, 2024 / OncoveryCare (formerly VivorCare) has closed an oversubscribed $4.5 million seed financing to launch its novel cancer survivorship care model. The fundraise was led by .406 Ventures alongside the McKay Institute for Oncology Transformation at Tennessee Oncology. Tennessee Oncology, which treats half of Tennessee's cancer patients at 35 clinical sites of care, is also a founding member of OneOncology, a fast-growth 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 financing, OncoveryCare also announced a partnership with Tennessee Oncology, which will allow the company to offer its care model to patients across Tennessee.
The population of cancer survivors is growing rapidly in the US (expecting 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. Cancer survivors can face significant challenges after active cancer treatment, including cardiotoxicity and cancer-related fatigue; complex screening and monitoring protocols; and anxiety and depression linked to cancer diagnosis and treatment. Despite these growing needs, 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. OncoveryCare will fill this survivorship gap.
"Survivorship is the next frontier in cancer care delivery," explained Hil Moss, Co-founder and Chief Executive Officer of OncoveryCare, whose own experience as a breast cancer survivor motivated her to launch the company. "For decades we have been focused on finding the cure for cancer. Now we have to answer the question: what happens when people survive?"
Dr. Justin Grischkan, Co-founder and Chief Medical Officer, shared that there is a need for a fundamentally new approach to survivorship care: "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."
OncoveryCare is launching with a virtual care model for cancer survivorship, equipping patients with a wraparound care team of survivorship-trained clinicians. Initial areas of focus include toxicity management, mental health support, navigation and care planning, and preventative care. To bring this new model to life, OncoveryCare is 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.
"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," said Natalie Dickson, MD, Chief Executive Officer at Tennessee Oncology.
This Seed financing, led by .406 Ventures, will enable OncoveryCare to continue growing its care delivery model, as well as develop novel tools and approaches to scale access to high-quality survivorship care more broadly. "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," said Payal Agrawal Divakaran, Partner at .406 Ventures. "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."
About OncoveryCare
OncoveryCare delivers comprehensive, whole-person care to cancer survivors. As the population of survivors grows rapidly alongside advances in medicine, OncoveryCare provides the personalized, longitudinal care that cancer survivors need to lead happier, healthier lives. Founded by a breast cancer survivor and led by both clinicians and survivors, OncoveryCare's first offering is a novel Cancer Transitions of Care program, equipping each survivor with a survivorship-trained clinical team and the essential tools and skills they need to actively manage their survivorship journey. Learn more at www.oncoverycare.com, and follow us on LinkedIn and Instagram @oncoverycare.
About .406 Ventures
.406 Ventures is a Boston-based venture capital firm with over $1.4B under management and nearly two decades of experience leading or co-leading early-stage investments in pioneering healthcare, data + AI, and cybersecurity companies founded by visionary entrepreneurs. Notable lead investments include AbleTo (acquired by Optum), Carbon Black (acquired by VMWare), Cloud Health (acquired by VMware), Corvus (acquired by Travelers), Health Dialog (acquired by BUPA), Iora Health (acquired by One Medical/Amazon), Mineral Tree (acquired by Global Payments), and Veracode (acquired by CA Technologies). Learn more at 406ventures.com and follow us on LinkedIn and X.
About Tennessee Oncology
Tennessee Oncology, one of the nation's largest community-based cancer care practices, is home to one of the leading clinical trial networks in the country. Established 1976 in Nashville, Tennessee Oncology's mission remains unchanged: To provide access to high-quality cancer care and the expertise of clinical research for all patients, at convenient locations within their community and close to their home. Our growing network of physicians and locations is based on this mission. For more information, visit www.tnoncology.com.
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SOURCE: OncoveryCare
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