Total amount raised
$325 Millions
Latest funding date
01/01/2021
Location
EverlyWell has successfully raised significant funding through multiple rounds, attracting a diverse group of investors. The company offers a range of at-home health tests, providing convenient and actionable health insights.
Keep reading to explore the intricacies of EverlyWell's fundraising journey and the investors backing this innovative platform.
What Is EverlyWell?
EverlyWell, founded by Julia Taylor Cheek in August 2015, is a digital health company based in Austin, Texas. The company operates in the health care, medical device, mHealth, and mobile apps industries.
With a workforce of 251-500 employees, EverlyWell offers a range of at-home health tests, including food sensitivity, fertility, hormones, STDs, thyroid, and metabolism. Users can perform tests at home and receive physician-reviewed results on their mobile devices. The company also provides at-home COVID-19 testing and telehealth services.
How Much Funding Has EverlyWell Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: February 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial product development.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: March 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and market their initial at-home health tests.
- Series B
- Amount Raised: Not publicly disclosed
- Date: October 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their product offerings and scale operations.
- Venture Round
- Amount Raised: $50M
- Date: April 2019
- Lead Investors: Goodwater Capital, Highland Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand market reach.
- Series C
- Amount Raised: $25M
- Date: February 2020
- Lead Investors: Highland Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expand virtual care offerings.
- Series D
- Amount Raised: $175M
- Date: December 2020
- Lead Investors: Trish Costello
- Valuation at Round: $1.3 billion
- Motivation Behind the Round: To expand virtual care offerings and scale testing infrastructure.
- Secondary Market
- Amount Raised: $75M
- Date: January 2021
- Lead Investors: HealthQuest Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
Total Amount Raised: $325M
Current Valuation: $1.3 billion
Key Investors
- HealthQuest Capital
- Details: HealthQuest Capital is a venture capital firm that invests in innovative healthcare companies. They focus on improving patient outcomes and reducing healthcare costs.
- Investment Focus Areas: Healthcare, medical devices, diagnostics.
- Notable Investments: EverlyWell, Avedro, Castle Biosciences.
- BlackRock
- Details: BlackRock is a global investment management corporation known for its extensive portfolio and influence in the financial sector. They manage assets for clients worldwide, including governments, companies, and individuals.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Apple, Microsoft, Amazon.
- The Chernin Group (TCG)
- Details: The Chernin Group is an investment firm focusing on media, technology, and consumer brands. They aim to build and invest in high-growth companies.
- Investment Focus Areas: Media, technology, consumer brands.
- Notable Investments: Barstool Sports, Headspace, The Action Network.
- Foresite Capital
- Details: Foresite Capital is a healthcare and life sciences investment firm. They support companies that are transforming healthcare through innovation.
- Investment Focus Areas: Healthcare, life sciences.
- Notable Investments: 10x Genomics, Denali Therapeutics, Relay Therapeutics.
- Highland Capital Partners
- Details: Highland Capital Partners is a global venture capital firm that invests in seed, early, and growth-stage companies. They focus on building long-term partnerships with entrepreneurs.
- Investment Focus Areas: Technology, healthcare, consumer sectors.
- Notable Investments: 2U, Rent the Runway, Scopely.
What's Next for EverlyWell?
EverlyWell stands at the cusp of significant growth, driven by the expansion of virtual care offerings and scaling of their testing infrastructure. With a presence in over 10,000 retail locations and partnerships with major health plans and diagnostics firms, the company is poised to solidify its leadership in the at-home testing market.
Future fundraising opportunities appear promising as the demand for at-home healthcare solutions continues to rise. The company's rapid growth and substantial market opportunities suggest potential for additional funding rounds to support further expansion and innovation.
However, EverlyWell may face challenges such as navigating regulatory compliance, managing supply chain logistics, and maintaining consumer trust amidst rapid growth. Ensuring the reliability and accuracy of test results will be crucial as they continue to scale their operations.
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