Thyme Care raises $125M Series E at $2B valuation, launches oncology holding company
What's the deal? Thyme Care, a Nashville-based oncology company, has raised more than $125 million in a Series E round led by Morgan HealthDealroom has a profile for this one. Try Dealroom → at a valuation above $2 billion. Strategic healthcare investors HumanaDealroom has a profile for this one. Try Dealroom → and CVS Health VenturesDealroom has a profile for this one. Try Dealroom → joined, alongside AlleyCorpDealroom has a profile for this one. Try Dealroom →, HealthQuest CapitalDealroom has a profile for this one. Try Dealroom →, Foresite Capital, Concord Health PartnersDealroom has a profile for this one. Try Dealroom →, Frist Cressey VenturesDealroom has a profile for this one. Try Dealroom →, Town Hall VenturesDealroom has a profile for this one. Try Dealroom →, and a16z Bio + HealthDealroom has a profile for this one. Try Dealroom →.
What's the endgame? Thyme Care is using the capital to launch Thyme CompaniesDealroom has a profile for this one. Try Dealroom →, a new parent entity that will build independent businesses across the cancer care journey. Areas under development include speeding adoption of lower-cost biosimilars and improving clinical trial enrollment. The first business is expected to launch later this year.
By the numbers: Thyme Care's services reach more than 10.5 million people across all 50 states, and it manages over $7 billion in oncology spend. The company says its care model delivers validated reductions of 5% to 10% in total cost of care.
Why now? Thyme Care is profitable and generates positive free cash flow, positioning it to expand beyond its core business. The round brings together national payers, community oncology, health systems, and employer-sponsored health care leaders — a spread of strategic backers across the cancer care ecosystem.
Co-founder Robin Shah will lead Thyme Companies as executive chairman, working with co-founder Bobby Green. Thyme Care continues under chief executive officer Brad Diephuis, with Green as president and chief medical officer.
What they're saying: "People living with cancer have traditionally been left to coordinate care themselves and pay more along the way," said Dan Mendelson, chief executive officer of Morgan Health. "We're continuing to invest in Thyme Care because we're confident they can continue to deliver value to patients and payers."
The signal: At over $125 million, the round ranks among the larger deals of its kind, landing near the 83rd percentile by size. That scale, paired with backing from the country's biggest payers, points to growing investor conviction that value-based oncology models can cut costs while widening patient access.
Image credit: Thyme Care
