Thyme Care Raises $125M Series E at $2B+ Valuation to Expand Cancer Care

Nashville-based oncology healthcare startup Thyme Care has raised more than $125 million in Series E funding, roughly doubling its valuation to over $2 billion in less than a year.

The round was led by Morgan Health, the employer-healthcare investment arm of JPMorgan Chase. Existing strategic investors CVS Health Ventures and Humana also participated, alongside AlleyCorp, HealthQuest Capital, Foresite Capital, Concord Health Partners, Frist Cressey Ventures, Town Hall Ventures and a16z Bio + Health.

The latest funding brings Thyme Care's total capital raised to more than $400 million.

Closing the gaps in cancer care

Founded in 2020 by Robin Shah and Bobby Green, M.D., Thyme Care focuses on the parts of cancer treatment that happen outside the doctor's office.

Rather than diagnosing or treating cancer directly, the company provides oncology navigation services for health plans and healthcare providers that assume financial responsibility for patient outcomes.

Its platform helps patients navigate challenges such as insurance, treatment decisions, care coordination and the financial complexities associated with cancer treatment.

Shah was inspired to build the company after growing up around his father's oncology practice and seeing how much of the burden patients faced after leaving the doctor's office.

New parent company expands the strategy

Alongside the funding round, Thyme Care is creating a new parent company called Thyme Companies.

The new entity will pursue businesses focused on biosimilar adoption and clinical trial recruitment - areas that extend beyond the company's core cancer navigation platform.

The leadership structure is also changing. Brad Diephuis, M.D., became CEO and president on September 1, 2026, while Shah moved into the role of executive chairman. Bobby Green remains part of the company's leadership.

The restructuring is designed to allow Thyme Care's core navigation business and the new ventures to pursue different opportunities within oncology while remaining connected through the broader Thyme Companies platform.

Rapid growth and profitability

Thyme Care has experienced significant growth over the past two years.

Its patient count increased from approximately 10,000 at the end of 2024 to 80,000 by September 2025. Oncology spend under management has also grown from $5 billion to $7 billion.

Revenue reached $125 million in 2025, five times the previous year's figure. The company says it is already profitable and generating positive free cash flow, an uncommon position for a venture-backed healthcare startup at this stage.

The latest round follows Thyme Care's $97 million Series D in September 2025, which valued the company at more than $1 billion.

Expanding value-based oncology care

Thyme Care is operating in a growing market as healthcare providers and insurers increasingly shift toward value-based models that focus on patient outcomes and overall treatment costs.

The company's strategy is distinct from oncology startups focused on diagnosis, drug discovery or clinical documentation. Instead, Thyme Care is targeting the complex coordination and financial challenges patients face throughout their cancer journey.

With a valuation now exceeding $2 billion, the next phase will test whether Thyme Companies can successfully expand into biosimilars and clinical trials while maintaining the growth and profitability of Thyme Care's core oncology navigation business.