Thyme Care Raises $125 million Series E at Over $2 billion Valuation
Cancer-care company Thyme Care has raised $125 million in Series E funding, valuing it at over $2 billion. The round was led by Morgan Health, with participation from Humana, CVS Health Ventures, AlleyCorp, HealthQuest Capital, and a16z Bio + Health. The company, founded in 2020, serves over 10.5 million people across all 50 U. S. states and manages more than $7 billion in oncology spending. It is forming a new parent company, Thyme Companies, to address drug affordability and clinical trial access.
Thyme Care has completed a $125 million Series E funding round, valuing the company at over $2 billion. The round was led by Morgan Health, with participation from Humana and CVS Health Ventures. Other investors included AlleyCorp, HealthQuest Capital, and a16z Bio + Health. This financing doubles the company's valuation compared with its Series D round less than a year ago.
Founded in 2020, Thyme Care focuses on improving fragmentation in cancer care through its virtual navigation platform. Its services cover more than 10.5 million people across all 50 U. S. states and manage over $7 billion in oncology spending. The company generated more than $125 million in revenue last year, five times its previous year's figure.
Thyme Care is establishing a new parent company, Thyme Companies, with co-founder Robin Shah serving as executive chairman. Shah stepped down as Thyme Care's chief executive in July, succeeded by Brad Diephuis. The new entity will focus on addressing other challenges in cancer care, such as drug affordability and clinical trial access.
Thyme Companies' first priority will be promoting the adoption of lower-cost biosimilars to reduce cancer drug costs. Another focus will be improving clinical trial access and navigation. The company is currently profitable and generates positive cash flow, and it plans to pursue acquisitions and hire talent.