Thyme Care Raises $95M To Advance Most cancers Care

Thyme Care, a value-based most cancers care firm, has secured $95 million in Sequence C funding, which it would use to develop its enterprise, the corporate introduced Tuesday.

Nashville, Tennessee-based Thyme Care, based in 2020, companions with well being plans, employers and risk-bearing suppliers to assist sufferers battling most cancers in 31 states. It provides care navigation companies, know-how and information insights and therapeutic interventions. The corporate helps sufferers perceive their prognosis, discover a most cancers physician and obtain medical care between appointments. Sufferers additionally acquire entry to a crew of suppliers, nurses and useful resource specialists. Thyme Care’s companies are accessible by way of telephone, textual content, e-mail and video.

The $95 million capital increase consists of $55 million in fairness funding from Harmony Well being Companions, CVS Well being Ventures, City Corridor Ventures, a16z Bio + Well being, AlleyCorp, Echo Well being Ventures, Frist Cressey Ventures and Foresite Capital. Banc of California is offering $40 million in debt financing. In complete, Thyme Care has raised $178 million.

Harmony Well being Companions invested in Thyme Look after its means to enhance affected person care and scale back prices. 

“Thyme Care’s means to boost affected person outcomes and scale back the overall price of care is instantly aligned with our mission at Harmony to assist best-in-class firms with options that enhance high quality, enhance entry, and scale back price of care,” mentioned James Olsen, founder and managing accomplice at Harmony, in an announcement. “Their provider-led interventions focusing on ballooning oncologic drug spend and acute care utilization spotlight their distinctive strategy to system-wide affordability, and their deep partnerships in most cancers care mark their confirmed success.”

The financing will assist Thyme Care scale its enterprise by way of new companies and extra partnerships with risk-bearing entities, mentioned Robin Shah, Thyme Care co-founder and CEO. Thyme Care presently manages over half a billion {dollars} in medical spend by way of its risk-based contracts and anticipates tripling that quantity throughout the subsequent 12 months. The corporate has additionally doubled its oncology partnerships within the final six months and intends to increase nationwide by securing new contracts with well being plans, employers and first care teams that bear monetary danger.

“Given the rapidness of our progress, it’s all the time good to have an quantity of capital to assist that progress in order that we aren’t able to not be capable of ship efficiently for our companions. So it’s all about investing in that partnership forward of going reside,” Shah mentioned in an interview.

There’s a want for extra most cancers care assist: spending on most cancers medicines is anticipated to succeed in $375 billion globally by 2027 from $196 billion in 2022. As well as, whereas all populations are affected by most cancers, sufferers with socioeconomic boundaries notably wrestle to entry and afford care.

Thyme Care’s final purpose is to “assist as many most cancers sufferers as potential,” Shah mentioned.

“This fundraise, in addition to our prior fundraise has all been round establishing the corporate to have the ability to increase and develop and assist extra folks. … And this fundraise will enable us to draw extra nice expertise to assist extra folks throughout the nation and in the end proceed to increase the mannequin that we began constructing 4 years in the past,” Shah acknowledged.

Different firms that present most cancers care assist embrace OncoveryCare and Maia Oncology.

Photograph: doyata, Getty Photos