Thyme Care Raises $125 Million in Series E Funding, Valuing Company Over $2 Billion

Funding Round and Valuation Increase

Thyme Care, a virtual navigation platform for cancer patients, announced it has raised $125 million in a Series E funding round. This investment pushes the company's valuation to over $2 billion. The funding round was led by Morgan Health, with additional participation from strategic healthcare investors Humana and CVS Health Ventures, as well as AlleyCorp, HealthQuest Capital, and a16z Bio + Health.

Formation of Thyme Companies

With the new funding, Thyme Care is establishing a new parent entity named Thyme Companies. This new corporate structure will focus on building additional businesses to address existing disconnections in how cancer care is delivered, accessed, and paid for. Robin Shah, co-founder of Thyme Care, will serve as the executive chairman of Thyme Companies.

Addressing Gaps in Cancer Care

Thyme Care's original mission, launched in 2020, was to improve the fragmented nature of cancer care through its virtual platform. The expansion into Thyme Companies aims to tackle broader issues, including the "care in between" appointments and the affordability of cancer drugs. This strategic move is intended to build out further initiatives and companies focused on these oncology problems.

Company Growth and Leadership Transition

Thyme Care's services are currently available to over 10.5 million people across all 50 U.S. states, managing more than $7 billion in oncology spending. The company's revenue surpassed $125 million last year, a five-fold increase from the previous year. In July, Robin Shah stepped down as CEO of Thyme Care, appointing Brad Diephuis, formerly president and chief operating officer, as his successor. This transition allows Shah to concentrate on the development of Thyme Companies.