The oncology-focused value-based enabler Thyme Care has completed a $95 million funding round that includes $55 million in equity funding.
The company offers palliative care in addition to other services. In May, Thyme Care launched a new palliative care telehealth offering, branded as Enhanced Supportive Care.
Thyme Care will use the new infusion of investment dollars to expand to new geographies and build new partnerships with oncologists, primary care practices and health plans, according to a press release.
“Our latest funding is a testament to the dedication and expertise of our incredible team, whose relentless efforts drive our mission to transform the cancer care experience forward,” said Robin Shah, Thyme Care co-founder and CEO, in a statement. “We are profoundly grateful for the unwavering support and collaboration of investors, providers and payer partners, whose commitment makes Thyme Care’s unique, provider-centered approach possible. Together, we are reshaping the landscape of oncology, ensuring better care and affordability for all.”
Investors participating in the round include Concord Health Partners, CVS Health® Ventures, Town Hall Ventures, a16z Bio + Health, AlleyCorp, Echo Health Ventures, Frist Cressey Ventures, and Foresite Capital. Banc of California will provide an additional $40 million in debt financing.
The newly secured capital brings Thyme Care’s total amount raised to date to $178 million. In October of last year, the company raised $60 million in a similar round. In May, the Nashville-headquartered company secured an investment from Echo Health Ventures and CVS Health Ventures to scale its value-based oncology care model. The dollar amount was undisclosed.
Thyme Care was established toward the end of 2020 following a $16 million funding round, led by Town Hall Ventures and Foresite Capital. The company in October 2023 secured an additional $60 million in funding to expand its health services for cancer patients, including palliative care and programs to address social determinants of health.
Through contracts with risk-bearing entities, the company’s clinicians care for roughly 3,000 patients and families navigating cancer and serious illness.
“Thyme Care’s ability to enhance patient outcomes and reduce the total cost of care is directly aligned with our mission at Concord to support best-in-class companies with solutions that improve quality, increase access, and reduce cost of care,” said James Olsen, founder and managing partner at Concord. “Their provider-led interventions targeting ballooning oncologic drug spend and acute care utilization highlight their unique approach to system-wide affordability, and their deep partnerships in cancer care mark their proven success.”
