Everlywell, a USA-based Digital health startup has raised a US$ 175 million Series D funding round in December 2020, following a US$ 25 million Series C round it completed in February this year. The investors included BlackRock, The Chernin Group (TCG), Foresite Capital, Greenspring Associates, Morningside Ventures and Portfolio, along with existing investors including Highland Capital Partners. The startup has raised over $250 million to date.
The company was launched to the public at TechCrunch Disrupt SF 2016 as a participant in the Startup Battlefield. It specializes especially in home health care tests through their digital platform for giving customers results and helping them understand the diagnostics and how to seek the right follow-on care and expert medical care.
Earlier this year, the startup launched an at-home COVID-19 test collection kit, the first of this kind of test to receive an emergency authorization from the US Food and Drug Administration (FDA) for its use.
The company has also expanded availability of its products this year, with distribution in more than 10,000 retail locations across Target, Walgreens, CVS and Kroger stores across the US. It also made a number of new partnerships with certain diagnostic lab, insurance payers and major employers since the largest share of healthcare spending in the US are due to employee benefit plans.
Like many companies built on solving for a shift to more remote and virtual care options, the startup COVID-19 has dramatically accelerated the pace of change, which is why the startup put together this round, at this size, this quickly.
What Everlywell has to say
“We obviously have a very successful COVID-19 test. But we’ve also seen three-fourths of our test menu just explode at well over 100% year-over-year growth, and several of our tests are at 4x or 5x growth. That is really representative of this shift in consumer health behaviour that will continue in a big way in many different verticals that include testing, and making things more convenient, digitally-enabled, and in the home,” said Julia Cheek, Everlywell CEO and founder.
Founded in 2015, by Julia Taylor Cheek the company develops do-it-yourself kits for a range of at-home regulatory-compliant diagnostic tests including food sensitivity, fertility, hormones, STDs, thyroid and metabolism among the others, allowing users to conduct tests at home and receive physician-reviewed results and insights on their mobile.
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