EverlyWell Secures $50 Million Series A Funding to Expand At-Home Lab-Grade Health Testing Platform

VCBeat (WeChat Official Account: vcbeat) has learned that on April 16 local time, EverlyWell, a company headquartered in Texas, USA, announced the completion of its $50 million Series A financing round. The round was led by Goodwater Capital, with participation from Highland Capital Partners, Next Coast Ventures, NextGen Venture Partners, SoGal Ventures, and others.

Since its founding in 2015, EverlyWell has raised a total of $55 million in funding. The company secured $500,000 in August 2015, $2.5 million in April 2016, and $2 million in May 2017. This latest round of funding will be used to drive EverlyWell’s growth and expand its partner network.

EverlyWell is a digital health company. The company sells health testing products, each of which includes registration information, instructions for use, and sterile collection tools. Users can collect test samples at home following the instructions and then mail the samples to laboratories partnered with EverlyWell. Within five to ten business days, users can access their test results via a smartphone application. Notably, all test results are reviewed by physicians, who provide personalized recommendations based on the findings.

EverlyWell, Inc. has been committed to ensuring that its test results maintain the same quality and standards as those from hospital laboratories. The laboratories partnered with EverlyWell adhere to the same construction standards as those used by hospitals across the United States, and every laboratory collaborating with EverlyWell is CLIA-certified by the federal government.

EverlyWell currently offers 35 different types of tests, covering areas such as food sensitivity, hormone levels, and sexually transmitted diseases. Additionally, the company provides testing for cholesterol and lipids, heart health, chlamydia and gonorrhea, hepatitis C, HIV, syphilis, trichomoniasis, folate levels, Lyme disease, metabolism, thyroid function, testosterone, heavy metals, sleep and stress, and ovarian health. EverlyWell has launched an end-to-end healthcare service model that provides independent physician consultations and prescriptions to testers, with all fees included in the prepaid price of the test products.

“Laboratory health testing is one of the most important means of preventing and controlling diseases. We will use this new funding to expand our digital health platform, further strengthen our partnerships with Humana and CVS, and expand our market nationwide. At that time, users will be able to purchase test kits through CVS, Humana, and EverlyWell websites. Retailer Target has already started selling EverlyWell kits in over 1,600 stores nationwide since April, including nine products from EverlyWell,” said Julia Cheek, founder and CEO of EverlyWell.

Goodwater Capital was founded in California in 2014. The firm manages over $800 million in assets and focuses on investing in direct-to-consumer technology startups.

Reference Link:

https://www.everlywell.com/science/  

https://www.goodwatercap.com/       

http://www.finsmes.com/2019/04/everlywell-raises-50m-in-funding.html  

https://www.forbes.com/sites/elanagross/2019/04/16/everlywell-fundraising/#181582f42fab 

(Compiled by Liu Na)