Steve Jobs' son starting investment firm to focus on new cancer treatments, per report
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.
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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.
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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.
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Jobs three siblings are sisters Lisa Brennan-Jobs, Eve Jobs, and Erin Siena Jobs.
This is a developing story.
Natalie Neysa Alund covers breaking and trending news for USA TODAY. Reach her at [email protected] and follow her on X, formerly Twitter @nataliealund.