Reed Jobs, the 31-year-old managing director of health for Emerson Collective, is reportedly starting a venture capital firm to invest in new cancer treatments.
DealBook, a financial news service reporting on mergers, acquisitions, venture capital and hedge funds produced by The New York Times, first reported the news Tuesday.
The 31-year-old’s late father, Apple creator Steve Jobs, died from complications of pancreatic cancer in 2011. He was 56.
Jobs created Yosemite, a spinoff from Emerson Collective − the business and philanthropic organization founded by his mother Laurene Powell Jobs. Emerson is focused not only on health, but education, immigration reform, the environment, media and journalism.
Yosemite has raised $200 million
The new company name hints at the national park where his parents were married in California’s Sierra Nevada mountains, the outlet reported, and the firm has raised $200 million from investors and institutions including the venture capitalist John Doerr, Memorial Sloan Kettering Cancer Center, The Rockefeller University and M.I.T.
“My father got diagnosed with cancer when I was 12,” Jobs told DealBook’s Andrew Ross Sorkin in his first interview with a news organization.
Jobs, one of four siblings, told the Times his father’s diagnosis led him to begin focusing on oncology, starting with a summer internship at Stanford at age 15.
“I had never ever wanted to be a venture capitalist,” Jobs told the outlet. “But I realized that when you’re actually incubating something and putting it together, you can make a tremendous difference in what assets are part of that, what direction it’s going to take, and what the scientific focus is going to be.”
Yosemite will run a for-profit business, the Times reported, but will maintain a donor-advised fund.
Neither Jobs nor Emerson Collective could immediately be reached for comment.
Source : Yahoo
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