Thyme Care, a value-based cancer care company, has secured $97 million in Series D funding to scale its platform to more patients, it announced on Thursday.
Nashville, Tennessee-based Thyme Care, founded in 2020, partners with health plans, employers and risk-bearing providers to support patients battling cancer. It offers care navigation services, technology and data insights and therapeutic interventions. The company helps patients understand their diagnosis, find a cancer doctor and receive clinical care between appointments. Patients also gain access to a team of providers, nurses and resource specialists. Its services are available to 8 million people across all 50 states.
The Series D round included participation from CVS Health Ventures, Foresite Capital, a16z Bio + Health, Concord Health Partners, Town Hall Ventures, AlleyCorp, Frist Cressey Ventures, Morgan Health, Humana, Texas Oncology and Memorial Hermann Health System. In total, Thyme Care has raised $275 million.
“Employers increasingly identify cancer as a top driver of their health care spend. At the same time, they care deeply about offering their employees access to high-quality, personalized cancer care – given the heavy burden that a diagnosis places on patients and their families,” said Dan Mendelson, CEO of Morgan Health, in a statement. “Thyme Care can balance these needs and is already making early progress with Fortune 500 companies. They’ve demonstrated better coordination of patient care, improved outcomes and reduced costs.”
With the financing, the company is expanding its payer contracts to new geographies, growing its oncology partnerships, scaling to more employers and health systems and investing in AI and technology, according to Dr. Brad Diephuis, Thyme Care president and COO.
When asked about Thyme Care’s exit strategy, Diephuis said the company’s goal is to create a “generational company” that changes how cancer care is provided and financed.
“Whether we stay private or go public down the line, our North Star doesn’t change: build infrastructure that delivers a better experience, better outcomes, and lower costs for patients, providers, and payers,” he said.
As of January, more than 18 million people in the U.S. have a history of cancer, according to the American Cancer Society. By 2035, that number is expected to top 22 million. Cancer is also the largest driver of healthcare costs for employers, according to the Business Group on Health. At the same time, federal funding for cancer research is being cut.
“As federal funding tightens and healthcare programs face increased scrutiny, there’s mounting pressure to control costs while still delivering high-quality care,” Diephuis said. “At the same time, we’re seeing a broader shift toward models that bring more accountability and coordination to chronic care management. That’s exactly where Thyme Care fits in. … Our model reduces avoidable ER visits, improves therapeutic decision-making, and helps patients stay on track between visits.”
Other companies that provide cancer care support include OncoveryCare and Maia Oncology.
Photo: Richard Drury, Getty Images
