close
close

OncoveryCare Partners with Tennessee Oncology, Raises $4.5M Seed Round from .406 Ventures | Tennessee

The company is radically redefining the cancer survivorship care model

BOSTON, MA / ACCESSWIRE / May 23, 2024 / OncoveryCare (formerly VivorCare) closed an oversubscribed $4.5 million seed financing to launch its novel cancer survivorship care model. The fundraising was led by .406 Ventures in conjunction with Tennessee Oncology’s McKay Institute for Cancer Transformation. Tennessee Oncology, which treats half of Tennessee’s cancer patients across 35 clinical care centers, is also a founding member of OneOncology, a rapidly growing oncology platform dedicated to supporting independent oncology practices through capital, technology and experience. 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 model of care to patients throughout Tennessee.

The population of cancer survivors is growing rapidly in the US (expected to double between 2008 and 2030 to 22 million) due to both the rising incidence of the disease and lower mortality rates due to advances in the treatment. Cancer survivors may face significant challenges following active cancer treatment, including cardiotoxicity and cancer-related fatigue; complex detection and monitoring protocols; and anxiety and depression related to cancer diagnosis and treatment. Despite these growing needs, a gap exists in the continuum of cancer care: survivorship management remains fragmented, unstructured, and dependent on an overstretched oncology workforce, resulting in high costs and poor outcomes. OncoveryCare will fill this survivorship gap.

“Survivorship is the next frontier in the delivery of cancer care,” explained Hil Moss, co-founder and CEO of OncoveryCare, whose own experience as a breast cancer survivor motivated her to launch the company. “For decades we have focused on finding a 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 resulting from cancer treatment, which can affect “both mental health and physical health. We are building a comprehensive care model to intervene in the short and long-term effects of a cancer diagnosis.”

OncoveryCare launches with a virtual care model for cancer survivorship, equipping patients with a comprehensive care team of trained survivorship physicians. Initial areas of focus include toxicity management, mental health support, care navigation and planning, and preventive 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 cancer care specialists, to scale the intervention across the entire survivor population. of Tennessee Oncology with the goal of expanding into the world of oncology in general.

“Through the McKay Institute, we aim to bring new ideas to our organization, strengthening technologies, innovations and leadership crucial to the evolution of cancer care. By partnering with OncoveryCare, we will provide the clinical infrastructure and leadership support necessary to advance in this cutting-edge care delivery model,” said Natalie Dickson, MD, CEO of Tennessee Oncology.

This seed funding, 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 long-standing thesis in the cancer survivorship space and were looking for a company that would address the significant and costly challenges faced by cancer survivors,” said Payal Agrawal Divakaran, partner at .406 Ventures. “Hil and Justin’s deep understanding of the problem has allowed them to create a thoughtful and comprehensive solution, and they have found an ideal launch partner in Tennessee Oncology.”

About OncoveryCare

OncoveryCare provides comprehensive, comprehensive care to cancer survivors. As the survivor population grows rapidly alongside advances in medicine, OncoveryCare provides the personalized longitudinal care cancer survivors need to live happier, healthier lives. Founded by a breast cancer survivor and led by both physicians and survivors, OncoveryCare’s first offering is a novel Cancer Care Transitions program, equipping each survivor with a survivorship-trained clinical team and the tools and skills essentials you need to actively manage your survival 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 $1.4 billion 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 major 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 largest community cancer care practices in the country, is home to one of the nation’s leading clinical trial networks. Established in 1976 in Nashville, Tennessee Oncology, the mission remains unchanged: to provide access to high-quality oncology care and the clinical research experience for all patients, in convenient locations within their community and close to their home. Our growing network of doctors and locations is built on this mission. For more information, visit www.tnoncology.com.

Contact:

Nina Pfister, MAG PR

E: [email protected]

T: 781-929-5620

SOURCE: OncoveryCare

See the original

Press release

at accesswire.com