Thyme Care raises $125 million, valuing cancer startup more than $2 billion

Despite recent advances, oncology, the field of medicine focused on the research, prevention, diagnosis, and treatment of cancer, remains one of the most expensive, difficult, and challenging diagnoses. Launched in 2020 and ranked #18 on the 2026 CNBC Disruptor 50 list, Thyme Care is focused on improving fragmentation and disconnection in cancer care through a virtual navigation platform for patients.

To expand its efforts, TimeCare announced Wednesday that it has raised $125 million from investors in a Series E funding round, valuing it at more than $2 billion. The deal, led by Morgan Health and with participation from strategic healthcare investors Humana and CVS Health Ventures, nearly doubled its Series D valuation in less than a year. Other investors include AlleyCorp, HealthQuest Capital and a16z Bio + Health.

Time Care is currently forming a new parent company focused on building additional businesses that address these disconnects in the delivery, access and payment of cancer care.

Robin Shah, who co-founded Time Care with Bobby Greene, will serve as executive chairman of the new parent company, called Time Companies. Shah said the time is right to take the next steps to improve the cancer treatment system.

“When Bobby and I started this business six years ago, we had a vision that we needed to pursue all of the blank spaces that are always overlooked in oncology,” Shah said, adding that Time Care is meant to address “in-between care,” or issues and questions that arise between appointments.

Thyme Care has grown into that role. The company’s services are available to more than 10.5 million people in all 50 states and manage more than $7 billion in oncology-related spending. Last year’s revenue exceeded $125 million, five times the amount from the previous year.

Mr. Shah stepped down as TimeCare’s CEO in July and appointed Brad Defeis, who previously served as the company’s president and chief operating officer, to succeed him. Shah said Diephuis had been a key driver of Time Care’s business, and said the move allows Time Companies to focus on “a platform for other initiatives and building a complete company focused on these (oncology) issues.”

One of the first focuses of the new corporate structure will be addressing the affordability of cancer drugs, with the goal of accelerating the adoption of low-cost biosimilars, which are clinically equivalent medicines similar to generic drugs, Shah said. To date, cancer-focused biosimilars have not delivered the promised cost savings to patients, and Time Companies will work with health plans and providers to find meaningful cost savings, Shah said.

Another initial focus for Time Companies will be on improving access and navigation in the clinical trials space, Shah said, noting that enrollment issues limit patient access to beneficial trials and slow drug development.

The first of these operations is expected to open later this year.

Mr. Shah said TimeCare is now profitable, generating positive free cash flow and “has a large balance sheet to make investments that we wouldn’t have been able to make three years ago.”

He said the company is also considering acquiring other businesses and hiring additional talent that could help solve some of these oncology challenges.

Shah said the company does not take a “short-term view” on the IPO, but will continue to evaluate public and private investment opportunities that “allow us to act more quickly because we believe this is an issue that affects everyone in the country, let alone the world.”

“We have a team focused on oncology and focused on working together over the long term to solve health care problems,” Shah said.