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Thyme Care, which offers a value-based cancer care platform, has secured $97 million in Series D funding and announced it has achieved profitability in a year of growth, which includes new Medicare, employer and commercial contracts.
Existing investors CVS Health Ventures, a16z Bio +Health, Concord Health Partners, Foresite Capital, Town Hall Ventures, Frist Cressey Ventures and AlleyCorp participated in the round.
New strategic investors JPMorganChase's Morgan Health, Humana, Memorial Hermann Health System and Texas Oncology also contributed.
The round brings the company's total raise to $275 million.
WHAT IT DOES
The Nashville-based company, founded in 2020, offers an oncology-focused platform that delivers 24/7 virtual care navigation.
The company's offering, Thyme Box, is a care management platform that provides care navigation and oncology analytics.
Thyme Care Connect allows individuals to connect with support, track their symptoms and access educational content.
Thyme Care Signal enables oncology analytics and guidance sharing between Thyme Care and the company's oncology partner. Through the platform, information is shared with one's provider team, which includes updates, recommendations and allows for direct communication.
"Our Series D is strong validation of the outcomes we've delivered and the discipline we've operated. We've demonstrated that our model improves clinical outcomes while reducing total cost of care—creating meaningful value for patients, providers and payers," Thyme Care chief financial officer Jesse Waldron told MobiHealthNews.
"We're directing this capital toward three strategic areas: expanding solutions for critical challenges like drug affordability, accelerating investments in technology and AI to enhance care delivery, and scaling our partnerships across the ecosystem to reach more people with more support. Ultimately, we're focused on building a durable, high-impact business that redefines value-based cancer care at national scale."
MARKET SNAPSHOT
Last year, Thyme Care closed $95 million in Series C financing, bringing its total raise to over $178 million.
The funding included $55 million in equity funding and an additional $40 million in debt financing.
The company also announced a partnership with Humana to provide oncology support for Medicare Advantage members in Michigan, New York, Illinois, Indiana, Tennessee, Pennsylvania and New Jersey.
In 2023, the company secured $60 million in Series B funding, co-led by Foresite Capital and Town Hall Ventures, bringing its total raise to over $80 million.
