Thyme Care raises $125 million, pushing cancer care startup's valuation above $2 billion

Despite recent advancements in oncology, the branch of medicine focused on the study, prevention, diagnosis and treatment of cancer, it remains one of the most expensive, arduous and overwhelming diagnoses to navigate. Thyme Care, launched in 2020 and ranked No. 18 on the 2026 CNBC Disruptor 50 list, has focused on improving the fragmentation and disconnections in cancer care through its virtual navigation platform for patients.

To extend its efforts, Thyme Care has raised $125 million from investors in a Series E funding round at a valuation of more than $2 billion, it announced on Wednesday. The deal, led by Morgan Health with participation from strategic healthcare investors Humana and CVS Health Ventures, roughly doubled its valuation from a Series D less than a year ago. Other investors include AlleyCorp, HealthQuest Capital, and a16z Bio + Health.

Thyme Care is now forming a new parent company focused on building additional businesses that will address some of those disconnections in how cancer care is delivered, accessed and paid for.

Robin Shah, who co-founded Thyme Care alongside Bobby Green, will serve as the executive chairman of the new parent entity, which will be called Thyme Companies. Shah said that the timing was right to take this next step in the journey to improve the cancer care system.

"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," said Shah, adding that Thyme Care aimed to address "the care in between," or the things and questions that come up between appointments and visits.

Thyme Care has grown into that role. 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 stepped down as CEO of Thyme Care in July, appointing Brad Diephuis, who previously served as the company's president and chief operating officer, as his replacement. Shah said that Diephuis had been a significant driver of Thyme Care's business, and this move now allows him to focus on Thyme Companies, "the platform for us to build out other initiatives or full companies that are focused on these [oncology] problems," he said.

One of the first focuses under the new corporate structure will be addressing cancer drug affordability, Shah said, with a goal of accelerating the adoption of lower-cost biosimilars, which are clinically equivalent drugs akin to generic drugs. To date, cancer-focused biosimilars have not delivered as much cost savings to patients as promised, according to Shah, and Thyme Companies will work with health plans and providers to find meaningful savings.

The other initial focus for Thyme Companies will be around 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.

Shah said that Thyme Care 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 said acquisitions of other businesses that could help solve some of these oncology challenges, as well as recruitment of additional talent, are also on the table.

Shah said the company does not have any "near-term viewpoint" on an IPO, but said it 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."

"We have a team that is focused on being together for the long term to solve problems in healthcare with a hyperfocus on oncology," Shah said.