Thyme Care, an oncology company, announced Wednesday that it secured more than $125 million in Series E financing, bringing its valuation to over $2 billion. The company also announced the creation of a new parent company that seeks to build a portfolio of businesses tackling different parts of the oncology space.
Nashville, Tennessee-based Thyme Care, founded in 2020, partners with health plans, employers and risk-bearing providers to support patients battling cancer. It offers care navigation services, technology and data insights and therapeutic interventions. The company helps patients understand their diagnosis, find a cancer doctor and receive clinical care between appointments. Patients also gain access to a team of providers, nurses and resource specialists. Its services are available to 10.5 million people across all 50 states.
The Series E round was led by Morgan Health and included participation from Humana, CVS Health Ventures, AlleyCorp, HealthQuest Capital, Foresite Capital, Concord Health Partners, Frist Cressey Ventures, Town Hall Ventures and a16z Bio + Health.
“People living with cancer have traditionally been left to coordinate care themselves and pay more along the way. Thyme Care is changing that experience and making it possible to improve cancer care while lowering costs,” said Dan Mendelson, CEO of Morgan Health, in a statement. “We’re continuing to invest in Thyme Care because we’re confident they can continue to deliver value to patients and payers – as they make the next wave of cancer care innovation easier to access and navigate.”
Thyme Care also announced the creation of Thyme Companies, a new parent entity that will build a portfolio of independent oncology businesses. These businesses aim to accelerate the adoption of lower-cost biosimilars and increase clinical trial enrollment. The first business is anticipated to launch later this year.
Thyme Care Co-Founder Robin Shah will become executive chairman of Thyme Companies, leading strategy and new business development. Thyme Care will continue under CEO Dr. Brad Diephuis, with Co-Founder Dr. Bobby Green as president and chief medical officer.
The funding will drive Thyme Care’s value-based care business while supporting the growth of Thyme Companies, Diephuis told MedCity News.
“Our top priority is delivering for the members and partners we already serve, maintaining the high-value experience our members count on, and continuing to expand, including further into the commercial market,” Diephuis said. “Our core business is profitable and growing, and this capital lets us keep scaling it while pushing into more parts of the oncology journey than we touch today.”
Other companies that provide cancer care support include OncoveryCare and Maia Oncology.
Photo: sorbetto, Getty Images
