Groupon raises funds to launch app for personalized cancer treatment

Eric Lefkofsky, the billionaire cofounder of Groupon, an online marketplace company, had started five companies with the help of stakeholders. The investors aim to create Tempus, a company which is set to cure cancer. The company received $70 million in a Series C funding.

Tempus targets to collect large quantities of genomic and clinical data from cancer patients so that the doctors can use information to personalize treatment.

Lefkofsky and Brad Keywell, his business partner, have amassed tons of money from their earlier investors.

When Lefkofsky cofounded Groupon in 2008, it did not fare well in as a public company. Currently, the market cap is around $2.5 billion. The cofounder was in a middle of a controversy when he pulled out $400 million, leaving little capital for the company to function.

The investment proved highly profitable for Groupon’s earliest investors.

New Enterprise Associates (NEA), which invested $14.8 million in the company, still owed 14.6 percent of it when it made its public market debut. NEA was a stakeholder of Tempus.

Lefkofsky said in an interview, “I first came up with the idea after my wife successfully battled breast cancer several years ago. During her treatment period, hospitals were far behind in the use of data just as merchants were before the rise of Groupon.”

Despite competition, Tempus is vying for a fast-growing and potentially highly lucrative market. The market for cancer and tumor profiling will roughly reach $60 billion within five years, as per estimates.

Tempus is currently valued at $700 million, according to Forbes.

Lefkofsky and Keywell jointly own publicly traded companies such as Uptake, InnerWorkings, Echo Global Logistics, Lightbank, and Fiverr.