What You Should Know:
– Everlywell secures $175M in Series D funding to expand its virtual care offerings, scale its testing and infrastructure, drive clinical research and disease management through testing, and grow its national leadership position in the at-home testing market.
– Since launching in 2016, more than one million people have used Everlywell’s tests and digital platform to manage their health and wellness. As more people turn toward digital platforms for their health needs.
Everlywell, an Austin, TX-based digital health company, announced it has raised $175M in Series D funding from new investors participating in the round include funds and accounts managed by BlackRock, The Chernin Group (TCG), Foresite Capital, Greenspring Associates, Lux Capital, Morningside Ventures, and Portfolia, as well as existing investors Goodwater Capital, Highland Capital Partners, and Next Coast Ventures. This investment brings the total capital raised by the company to over $250 million to date, which includes a Series C round led by Highland Capital Partners earlier this year.
Cumbersome Traditional Lab Testing Process
Over seven billion lab tests are run annually in the United States, and lab testing is used in 70 percent of medical diagnoses. However, the traditional lab testing process is cumbersome, costly and confusing. Founded in 2015 by Julia Cheek, EverlyWell’s digital platform connects consumers with existing, independent, certified labs for at-home collection tests that are ordered and reviewed by board-certified physicians. Once the sample is submitted, online results with evidence-based insights, suggestions and next steps are provided to consumers within days.
Since launching in 2016, more than one million people have used Everlywell’s tests and digital platform to manage their health and wellness. As more people turn toward digital platforms for their health needs, Everlywell’s total sales are projected to quadruple in 2020, with sales of most of its tests growing well over 100% year-over-year, aided in part by the expansion of its retail footprint to more than 10,000 locations, with distribution at Target, Walgreens, CVS, and Kroger stores nationwide.
COVID-19 Test Home Collection Kit
In addition to receiving the first FDA emergency use authorization of its kind for its COVID-19 Test Home Collection Kit in May, Everlywell’s enterprise line of business has also expanded significantly, closing over 100 deals with workplaces, universities, clinics, and government offices in 2020. Partnerships with leading diagnostics firms including Exact Sciences and major health plans such as Humana have created affordable and innovative testing solutions for preventative care, clinical research, and workforce testing.
“The pandemic has shed light on the challenges of lab testing for Americans, from unknown costs to confusion and inconvenience. We’ve been empowering people with a new way to get tested for five years and will continue to lead the way in a rapidly expanding space,” said Julia Cheek, Everlywell Founder and CEO. “We believe lab testing will be rapid, simple, and coupled with virtual care in the near future. This partnership with additional world-class investors enables us to build a transformative, multi-generational digital health company that puts people first – where they belong.”