EverlyWell, a digital health company that sells certified lab test kits online, announced an oversubscribed Series D financing of $175 million.
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. Existing investors include Goodwater Capital, Highland Capital Partners, and Next Coast Ventures.
J.P. Morgan served as the sole placement agent for the funding deal.
According to the Mercom database, this Series D round brings the total funds raised by the company to date to over $250 million, including a $50 million financing round in 2019 from long-time investors Goodwater Capital.
The company plans to use the new funds to expand its virtual care offerings, scale its testing and infrastructure, drive clinical research and disease management through testing, and grow its position in the at-home testing market.
Everlywell platform offers a suite of validated lab tests, including Cholesterol, Heart Health, Fertility, STIs, Lyme Disease, Testosterone, Thyroid, and more. The platform also provides access to at-home sample collection lab tests for fertility, high-risk HPV, and indoor & outdoor allergies.
The at-home, medical-grade tests start at $49 and are generally covered by Flexible Spending and Health Savings Accounts.
Physician-reviewed, actionable test results from CLIA-certified labs are provided within days of sample receipt. The company also provides testing and engagement programs for health plans, healthcare organizations, and employers.
The Austin-based company was founded in 2015 and is advised by a Scientific Advisory Board that includes scientists from Harvard, MIT, Google, and NYU.
Since launching in 2016, more than one million people have used Everlywell’s tests and digital platform to manage their health and wellness, according to the company. The company is also selling FDA-authorized at-home COVID-19 sample collection test kits through its online platform.
“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.”