Everlywell, an Austin-based digital health company, secured $175 million in an oversubscribed Series D round to expand its consumer testing and virtual care offerings. With the new investment, CEO Julia Cheek confirmed the company’s valuation at $1.3 billion.
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“This represented a mass majority of the funding we have received and the result of our company’s shift into hypergrowth,” Cheek told Crunchbase News. “This massive growth is an underlying shift that is more broad than just COVID-19. We see an opportunity to partner with telehealth providers and develop broader access to services that could turn into other offerings.”
Everlywell provides more than 30 at-home collection tests for everything from prevention and management, fertility, nutrition and STIs. Three-fourths of the company’s testing growth was 100 percent year over year. It also reached its 1 million-person milestone this year, quadrupled sales and grew from a workforce of 90 to 200, she added.
The company is one of approximately 158 U.S.-based companies described as working in the health care testing space that raised some $3.5 billion in venture-based funding in the past five years, according to a search of the Crunchbase database. Among that list, 43 received funding in 2020.
New investors participating in the round include funds and accounts managed by BlackRock, The Chernin Group, Foresite Capital, Greenspring Associates, Lux Capital, Morningside Ventures and Portfolia, as well as existing investors Goodwater Capital, Highland Capital Partners and Next Coast Ventures.
The new investment brings the total capital raised by the company to more than $250 million since it was founded in 2016, including a $25 million Series C round led by Highland Capital in February, Cheek said. We reported on Everlywell’s $50 million Series B in 2019, and more recently in May when the company was granted U.S. Food and Drug Administration emergency use authorization for its COVID-19 Test Home Collection Kit.
Photo of Everlywell CEO Julia Cheek courtesy of the company
Blogroll illustration: Li-Anne Dias
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