Thyme Care Raises $97M Series D Reaching Unicorn Status

Thyme Care, a value-based cancer care navigation company, has raised $97 million in Series D funding backed by major healthcare players including CVS Health Ventures, Humana, Morgan Health, Texas Oncology and Memorial Hermann Health System. Existing investors such as a16z Bio + Health, Foresite Capital, Concord Health Partners, Town Hall Ventures, AlleyCorp and Frist Cressey Ventures also participated. The round doubles Thyme Care’s valuation from July 2024 to more than $1 billion, according to the company.

CEO and co-founder Robin Shah said the funding will support expansion across new verticals, tackling pain points in the oncology journey such as treatment denials, high drug costs and barriers to timely care. The company is also accelerating investment in technology and AI, building member-facing apps and enhancing tools for its care team, while scaling partnerships with health plans, employers and health systems. Thyme Care plans to hire additional technology leaders as it advances its AI platform strategy.

Founded in 2020 and named a 2024 Fierce 15 honoree, Thyme Care partners with payers, employers and providers to reduce costs and improve patient outcomes across the cancer care continuum. The company assumes two-sided financial risk to align incentives and has built an integrated oncology infrastructure that combines 24/7 cancer care navigation, technology-driven data insights and oncologist-led interventions. Its hybrid model engages more than 1,000 oncologists through the Thyme Care Oncology Partners network.

The company has scaled rapidly, growing from 10,000 patients in late 2024 to 80,000 active patients today, while managing more than $5 billion in oncology spend. Thyme Care is now profitable and accessible to 8 million people through Medicare, commercial and employer contracts, including national partnerships with Aetna, Humana, Fortune 500 employers and leading health systems. Data show its navigation services reduce ER visits by 40% and hospital admissions by 19%, delivering measurable cost savings while improving the patient experience.

Patients report strong engagement and satisfaction, with 90% feeling supported by their care team and 72% responding to proactive surveys—nearly double the industry standard. Oncology practices benefit as well, saving staff thousands of hours annually through Thyme Care’s virtual care delivery and administrative support. Employers are increasingly embracing the model as cancer becomes a top driver of healthcare costs, with Morgan Health’s CEO Dan Mendelson noting that Thyme Care’s ability to coordinate care, improve outcomes and reduce costs aligns directly with the need for scalable, specialist-led value-based care in employer-sponsored insurance.

Thyme Care’s growth underscores its ambition to provide a blueprint for scalable, accountable oncology care that improves patient support while easing financial and operational strain across the healthcare ecosystem.