Thyme Care Raises $125 Million, Valuation Tops $2 Billion as It Expands Beyond Navigation
核心洞察
Thyme Care (搜索) raised $125 million in a Series E round led by Morgan Health (搜索), roughly doubling its valuation to more than $2 billion less than a year after its Series D.
The cancer (搜索) care navigation startup now serves more than 10.5 million people across all 50 U.S. states and manages over $7 billion in oncology spend, with revenue surpassing $125 million last year.
Founder Robin Shah will lead a new parent company, Thyme Companies (搜索), focused on cancer (搜索) drug affordability through biosimilars (搜索) and improving clinical trial access and navigation.
Thyme Care (搜索), a Nashville-based startup focused on improving the fragmentation and disconnections in cancer (搜索) care, has raised $125 million in a Series E funding round at a valuation of more than $2 billion, the company announced on Wednesday. The deal, led by Morgan Health (搜索) with participation from strategic healthcare investors Humana and CVS Health Ventures (搜索), roughly doubled its valuation from a Series D completed less than a year ago. Other investors include AlleyCorp, HealthQuest Capital, and a16z Bio + Health.
The financing marks a significant milestone for a company launched in 2020 and ranked No. 18 on the 2026 CNBC Disruptor 50 list. Thyme Care (搜索) has built a virtual navigation platform designed to address what co-founder Robin Shah calls "the care in between" — the questions and needs that arise for patients between appointments and visits.
A New Corporate Structure
Alongside the funding, Thyme Care (搜索) is forming a new parent company called Thyme Companies (搜索), which will focus on building additional businesses that address disconnections in how cancer (搜索) care is delivered, accessed, and paid for. Shah, who co-founded Thyme Care alongside Bobby Green, will serve as executive chairman of the new parent entity.
"When Bobby and I started this business six years ago, we had this vision that we needed to go after all the white spaces that were being constantly overlooked in oncology," Shah said.
Shah stepped down as CEO of Thyme Care (搜索) in July, appointing Brad Diephuis — who previously served as the company's president and chief operating officer — as his replacement. Shah said Diephuis had been a significant driver of Thyme Care's business, and the move now allows him to focus on Thyme Companies (搜索), which he described as "the platform for us to build out other initiatives or full companies that are focused on these [oncology] problems."
Targeting Drug Affordability and Clinical Trial Access
One of the first focuses under the new corporate structure will be addressing cancer (搜索) drug affordability, with a goal of accelerating the adoption of lower-cost biosimilars (搜索), which are clinically equivalent drugs akin to generic drugs. According to Shah, cancer-focused biosimilars have not delivered as much cost savings to patients as promised to date, and Thyme Companies (搜索) will work with health plans and providers to find meaningful savings.
The other initial focus for Thyme Companies (搜索) will be improving access and navigation within the clinical trial space, where Shah said enrollment challenges are limiting patient access to beneficial trials and slowing drug development. The first of these businesses is expected to launch later this year.
Scale and Financial Momentum
Thyme Care (搜索) has grown substantially since its founding. The company's services are available to more than 10.5 million people across all 50 U.S. states, and it manages more than $7 billion in oncology spend. Revenue surpassed $125 million last year, five times more than the previous year.
Shah said Thyme Care (搜索) is now profitable, generating positive free cash flow, and "has a large balance sheet to make investments that we wouldn't have been able to three years ago." He noted that acquisitions of other businesses that could help solve oncology challenges, as well as recruitment of additional talent, are also on the table.
Clinical Impact
The company's care management model has demonstrated measurable clinical value. According to an impact report released by the company, Thyme Care (搜索) reduced emergency room admissions by 28% for the patients whose cancer (搜索) care it managed. The company currently serves 125,000 people navigating cancer care and works with more than 14,000 oncologists nationwide and 14 health insurers, including Humana and Aetna.
Diephuis, a primary care physician and cancer (搜索) survivor who was diagnosed with a rare bone cancer in his 20s, framed the company's approach around balancing quality and cost. "It's easy to reduce costs by doing less. It is hard to improve quality while reducing cost," he said. Having demonstrated that this is possible, Diephuis said Thyme Care (搜索) could double the number of patients it serves over the next two years.
Regarding a potential public listing, Shah said the company does not have any "near-term viewpoint" on an IPO, but will continue to evaluate public and private investment opportunities that "will allow us to move faster, because we think this is a problem that impacts everyone in the country, let alone the world."