Cancer care startup Thyme Care raises $60M, beating the odds of raising a Series B during digital health’s funding slowdown
A cancer care startup founded by two Flatiron Health alums in August raised $60 million to bring its value-based approach to cancer care coordination to more people.
Founded in 2020, Nashville-based Thyme Care provides services to care for cancer patients when they’re not at their doctor’s offices, working with health plans and providers to do so.
It’s been harder for health tech startups to raise larger, later-stage rounds, with many this year instead going for unlabeled rounds of funding or extending Series A rounds. And while digital health funding has slumped in 2023 — companies raised $6.1 billion in the first half of this year compared with $10.3 billion in 2022 — there have been five notable Series B rounds by startups in the last two months (including Thyme’s), according to digital health research and venture firm Rock Health.
By contracting with health plans like Clover Health and Amerihealth New Jersey, as well as oncology providers like American Oncology Network and primary care groups, Thyme Care wants to use its tech platform to connect oncology patients with a care team of nurses and other providers to ensure they get care and answers to their questions outside of the clinic. The hope is that it’ll improve their outcomes. By the summer of 2024, Thyme Care co-founder and CEO Robin Shah said it plans to have data on how Thyme Care’s approach to cancer care performed with its partners.