American Cancer Society’s Impact Venture Capital Arm and Third Rock Ventures to Collaborate to Drive Oncology Innovation
Collaboration allows BrightEdge to invest in oncology-focused biotech companies launched by Third Rock Ventures
BOSTON, July 14, 2022 /PRNewswire/ — BrightEdge LLC (BrightEdge), the impact venture capital arm of the American Cancer Society (ACS), today announced a new collaboration with Third Rock Ventures, LLC (TRV), a leading healthcare venture capital firm. Relationship Connects Leading Venture Capital Firm with Mission-Driven Strategic Investment Partner from the Early Stages of Building an Oncology Company to Broaden the Impact of Innovative, Patient-Driven Startups ‘oncology.
As part of this collaboration, BrightEdge will have the opportunity to participate in the Series A funding rounds and oncology-focused company follow-up launched by TRV. BrightEdge, in partnership with ACS, will leverage its knowledge networks and research communities to deepen the impact of investments made through the TRV-BrightEdge collaboration. TRV will also provide technical know-how and other resources to support the training of scientific founders and entrepreneurs in the ACS ecosystem.
“This unique relationship opens up a whole new realm of possibility in patient-centric innovation and investment, as we leverage our combined expertise to build businesses in areas of greatest need and impact. important,” said Alice Pomponio, CEO of BrightEdge. “This partnership touches today’s patients by ensuring that ACS can maintain vital patient services while paving the way for the innovative solutions of tomorrow. We fully plan to replicate this model with other venture capital firms. aligned with our mission to deepen our impact and accelerate our patient-centric mission in reducing cancer mortality, ending pain and suffering, and promoting health equity .”
By creating the potential for BrightEdge to generate returns to fund ACS research and services, TRV will expand its ability to positively impact the lives of patients and their families living with cancer and accelerate the pace of innovation in early and translational research in oncology.
“At TRV, we work with a singular mission: to bring biomedical innovation to patients living with significant unmet medical needs. This relationship with BrightEdge strengthens our impact in the oncology ecosystem by helping to facilitate programs and ACS initiatives that play a critical role across the patient care continuum,” said Reid Huber, Ph.D., partner at TRV. “As a member of BrightEdge’s investment community, TRV will also have access to ACS’s programmatic efforts to foster scientific innovation and patient support, further expanding our efforts to push the boundaries of science and research. technology and connecting us to one of the key patient communities we serve.”
Since 2007, TRV has built a portfolio of 60 life science companies working to deliver breakthroughs to patients. In June, the firm announced the closure of its $1.1 billion sixth fund, which will continue Third Rock’s core strategy to discover, launch and build groundbreaking new businesses.
The American Cancer Society created BrightEdge in 2019 to diversify its revenue base, build financial resilience, and accelerate its mission through entrepreneurial approaches. BrightEdge invests in for-profit early-stage companies that develop cancer-focused therapies, diagnostics, devices and technologies. As an evergreen fund, investment gains are fully reinvested in the fund’s portfolio companies and in ACS’s research and programs.
Additionally, BrightEdge invests in companies working on solutions across the cancer patient care continuum and product value chain – from disease prevention and awareness to cutting-edge treatments, diagnostics and solutions. patient access. Since 2019, BrightEdge has made 15 mission-aligned investments, two of which have gone public. BrightEdge is stadium agnostic, but particularly active in the Seed and Series A funding rounds.
BrightEdge oversees a fund with a net asset value of $77 million it is on the right track to reach the $100 million-mark next year, fueled by “investment donations” and fund returns. The fund invests alongside the nation’s most prominent venture capital firms, serving as a value-added syndicate partner to validate unmet need and deepen impact through market awareness and innovation-focused capabilities. the patient.
BrightEdge is the donor-funded impact investing arm of the American Cancer Society that invests in for-profit companies developing therapies, diagnostics, medical devices and technologies to eradicate cancer. It invests alongside leading life sciences and healthcare investors with the goal of generating financial returns and patient impact. For more information and a copy of the fund’s 2021 report, visit www.brightedgefund.org.
About the American Cancer Society
The American Cancer Society’s mission is to free the world from cancer and to ensure that everyone has a fair and equal chance to prevent, detect, treat and survive cancer. The Society invests in lifesaving research, provides 24/7 information and support, and ensures that individuals in every community have access to cancer prevention, detection and treatment. For more information, visit www.cancer.org.
SOURCE American Cancer Society