BrightEdge Ventures, our new philanthropic donor-funded charitable impact fund, has made a third investment, this time in the South San Francisco-based startup, Freenome, that hopes to commercialize its blood test to detect colorectal cancer.
The company recently received $160 million in new funding - from RA Capital Management and Polaris Partners, as well as funds advised by T. Rowe Price Associates, Perceptive Advisors, Roche Venture Fund, Kaiser Permanente Ventures, and the American Cancer Society's BrightEdge Ventures.
Make sure to read these articles on BrightEdge that appeared in Barron's and the Financial Times on July 24.
Our first investment was in Great Point Ventures in 2018. The San Francisco-based venture capital firm is managed by serial entrepreneurs and former Fortune 500 executives, and invests in technology, marketplaces, healthcare, wellness, biotech, etc.
Our second investment was in Castle Biosciences, a Houston-based company focused on melanoma diagnostic testing to improve treatment decisions and patient outcomes.
A little history . . .
Through BrightEdge, we are seeking high-net-worth individuals, corporations, and family and private foundations that are willing to make a $1 million investment over four years in for-profit companies that have commercially viable technologies and therapies coming to the market. The goal is to get novel cancer therapies to cancer patients more quickly.
Donors will not benefit financially, but they will be rewarded by seeing how their philanthropic efforts are saving lives. Earnings will be reinvested in other companies or taken out to fund ACS endeavors.
To learn more about BrightEdge, watch this video in our ACS Ideas series.
Pictured here is Bob Crutchfield, managing director of BrightEdge Ventures.