Thyme Care landed a series E financing round of more than $125 million backed by strategic payers and providers as it aims to expand beyond cancer care navigation.
The fresh financing will fuel the company's continued growth and establishes a new parent organization, Thyme Companies, that aims to building a broader portfolio of businesses to address broader cancer care challenges.
JP Morgan's Morgan Health led the series E round with participation from strategic investors including Humana and CVS Health Ventures, valuing the oncology-focused company at more than $2 billion. Institutional investors AlleyCorp, HealthQuest Capital, Foresite Capital, Concord Health Partners, Frist Cressey Ventures, Town Hall Ventures and a16z Bio + Health also backed the round.
The series E round comes just shy of a year from the company's $97 million series D funding round, which also was backed by major strategic investors across payers, employers, health systems and retail health.
Founded in 2020, the company, a 2024 Fierce 15 honoree, aims to guide patients through every phase of the “cancer journey,” from the peri-diagnostic period, when they learn that they may have cancer, to the post-diagnostic period. The company partners with health plans, employers and risk-bearing providers to help bring down the cost of cancer care while also improving patients' health, according to executives.
The company built an integrated oncology infrastructure that reduces friction across the system. It combines 24/7 specialized cancer care navigation services, technology and data insights and oncologist-led therapeutic interventions. Thyme Care's tech-enabled care team integrates with more than 1,400 oncologists as part of its Thyme Care Oncology Partners for a hybrid collaborative care model, according to the company.
The company says its services are now available to 10.5 million people nationwide, and it manages more than $7 billion in oncology spend. By aligning care around the patient, the model delivers 5% to 10% validated reductions in total cost of care, creating measurable value for patients, providers and health plan partners, according to the company.
Thyme Care is profitable, executives said, and the company generates meaningful positive free cash flow, positioning it to accelerate its next phase of growth.
The company has rapidly scaled its business. At the end of 2024, it was managing 10,000 patients, and that has now grown to 135,000 actively treated cancer patients as of August 2026.
"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," Dan Mendelson, chief executive officer of Morgan Health, said 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."
The newly formed Thyme Companies will develop a portfolio of new, independent businesses in oncology that address persistent barriers to better cancer care. Areas under active development include accelerating the adoption of lower-cost biosimilars and improving clinical trial accrual, where slow enrollment limits patient access to beneficial trials and slows drug development. The first of these businesses is expected to launch later this year, the company said.
In July, the company announced key leadership changes as co-founder Robin Shah stepped down as CEO and transitioned to executive chairman to launch new business lines. As executive chairman of Thyme Companies, Shah will lead the strategy and development of new businesses and work closely with co-founder Bobby Green, M.D. to "bring the connected, patient-first approach that built Thyme Care, to a broader set of healthcare challenges," executives said.
"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," Shah said in a statement. "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."
In July, Brad Diephuis, M.D., stepped into the CEO role, as he previously served as president and chief operating officer, with Green continuing his role as president and chief medical officer.
Thyme Care remains the anchor of the Thyme Companies family of businesses; its name, partnerships, and member experience unchanged, the company said.