Thyme Care has raised more than $125 million in Series E funding at a valuation exceeding $2 billion, while establishing a new parent entity, Thyme Companies, to build additional businesses that address challenges across the oncology ecosystem.
The financing was led by Morgan Health, with participation from strategic healthcare investors Humana and CVS Health Ventures, as well as AlleyCorp, HealthQuest Capital, Foresite Capital, Concord Health Partners, Frist Cressey Ventures, Town Hall Ventures and a16z Bio + Health.
Thyme Care plans to use the new capital to accelerate growth of its oncology care business while supporting the development of Thyme Companies.
Thyme Care’s services are currently available to more than 10.5 million people across all 50 states, and the company manages more than $7 billion in oncology spending.
The company said its model has generated validated reductions of 5% to 10% in total cost of care by coordinating patients, healthcare providers and health plans around a shared approach to cancer care.
Thyme Care is also profitable and generating positive free cash flow, positioning the business to continue expanding while supporting investment in additional oncology companies.
The newly formed Thyme Companies will serve as the parent organization for a portfolio of independent businesses focused on specific challenges within cancer care.
Areas currently under development include accelerating adoption of lower-cost biosimilars and improving clinical trial enrollment, where slow patient recruitment can restrict access to trials and delay drug development.
Thyme Companies expects to launch its first new business later in 2026.
As part of the organizational expansion, Thyme Care co-founder Robin Shah will become Executive Chairman of Thyme Companies, where he will lead strategy and development of new businesses.
Shah will work alongside co-founder Bobby Green, M.D., to apply the patient-focused approach developed at Thyme Care to other areas of the cancer care ecosystem.
Thyme Care will continue operating under Brad Diephuis, M.D., as CEO, with Green serving as President and Chief Medical Officer.
Thyme Care will remain the anchor business within Thyme Companies, and its existing name, partnerships and member experience will remain unchanged.
The broader Thyme Companies strategy is intended to build businesses around persistent gaps in how oncology care is delivered, accessed and financed, using technology, data and healthcare partnerships to address different stages of the cancer journey.
KEY QUOTES:
“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. 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.”
Dan Mendelson, Chief Executive Officer of Morgan Health
“When we founded Thyme Care, our vision was never limited to one part of cancer care. We wanted to create a better oncology care system. Thyme Care showed it could be done, and as we’ve grown alongside patients, providers and health plans, we’ve gained a deep perspective on the challenges that get in the way of better care. Thyme Companies is the next step in this journey, enabling us to build new solutions fully informed by what we’ve learned, while continuing to invest in the core business that made it possible.”
Robin Shah, Co-Founder of Thyme Care and Executive Chairman of Thyme Companies
