EverlyWell Secures $2 Million in New Funding to Expand At-Home Test Kits and Diversify Self-Testing Options

VCBeat (WeChat: vcbeat) has learned that EverlyWell, a new-generation medical testing platform, recently announced the completion of a new $2 million funding round. Combined with $2.5 million raised last year and $500,000 in seed funding from the year before, the company’s total capital raised has now reached $5 million.

This round of financing was co-led by NextGen Venture Partners, Jack Novak, SoGal Ventures, Full Tilt Capital, and other venture capital funds to expand EverlyWell’s home testing kit business.

EverlyWell is a digital platform manufacturer primarily offering at-home health tests. It currently provides 12 home testing kits, covering areas such as metabolism, food sensitivity, thyroid function, men’s health, cardiovascular and cerebrovascular diseases, inflammation, cholesterol and lipids, as well as sleep and stress. The company was founded in Dallas, Texas, in June 2015 and relocated to Austin in February 2016. It has experienced rapid growth, achieving millions of dollars in sales within less than a year. EverlyWell now has 15 employees and serves thousands of customers across 46 U.S. states, making it one of the fastest-growing consumer healthcare startups in recent times. For more information about EverlyWell, please refer to previous reports by VCBeat (WeChat ID: vcbeat).For details, click here。

Consumers purchase testing kits online, complete saliva, urine, or blood sample tests, and mail them back. After processing in professionally certified laboratories, electronic test results are delivered within a few days. Testing costs vary; for example, a testosterone test costs $69, a vitamin D test costs $79, while women’s health and fertility testing costs $399.

EverlyWell's Founder and CEO, Julia Cheek

Julia Cheek, the founder of EverlyWell, was determined to establish a health testing company that enables consumers to complete self-tests at home, following her own negative experience with diagnostic testing. Today, female-led companies account for only a small fraction of total funding in digital healthcare (the 2016 funding report indicated that only 9% of digitally funded healthcare companies throughout the year had female CEOs), let alone within the broader landscape of venture capital investment. As one of the outstanding representatives among this 9%, EverlyWell’s female CEO is striving to narrow the gender gap in venture capital, particularly in the field of digital health.

She stated, “Our vision is to make healthcare services as simple and meaningful for consumers as laboratory tests. This financing round enables us to accelerate our growth, driving a significant shift in the consumer health market by bringing laboratory testing directly into consumers’ homes. We are rapidly expanding our channels, launching innovative tests, and delivering a world-class customer experience.”

Lisa Cuesta, Vice President at NextGen Venture Partners, which led the financing round, also stated in a press release: “Amid uncertainty in the healthcare sector, individuals are taking control and becoming proactive, informed consumers. Julia Cheek and EverlyWell have reimagined the laboratory testing experience, offering customers affordable, convenient, and personalized solutions without the need to navigate the complex healthcare system. EverlyWell has positioned itself as a trusted brand, delivering high-quality, consistent services that empower customers to make more confident decisions about their health.”

In the home laboratory testing services market, EverlyWell faces no shortage of competition. For instance, myLab Box, a provider of at-home test kits, expanded its service offerings in February by adding six new sexually transmitted disease (STD) testing panels. EverlyWell has been striving to differentiate its test menu and make results more accessible, enabling customers to interpret them on their own.

The latest round of funding will help the company expand its test suite, hire for key leadership positions, initiate new partnerships, and enhance product features this year.