03 Dec, 2020, 08:01 ET
AUSTIN, Texas, Dec. 3, 2020 /PRNewswire/ -- Everlywell, a leading digital health company, today 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, as well as existing investors Goodwater Capital, Highland Capital Partners, and Next Coast Ventures. This investment brings the total capital raised by the company to over $250 million to date, which includes a Series C round led by Highland Capital Partners earlier this year.
"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."
The company plans to use the funds to expand its virtual care offerings, scale its testing and infrastructure, drive clinical research and disease management through testing, and grow its national leadership position in the at-home testing market.
Since launching in 2016, more than one million people have used Everlywell's tests and digital platform to manage their health and wellness. As more people turn toward digital platforms for their health needs, Everlywell's total sales are projected to quadruple in 2020, with sales of most of its tests growing well over 100% year-over-year, aided in part by the expansion of its retail footprint to more than 10,000 locations, with distribution at Target, Walgreens, CVS, and Kroger stores nationwide.
In addition to receiving the first FDA emergency use authorization of its kind for its COVID-19 Test Home Collection Kit in May, Everlywell's enterprise line of business has also expanded significantly, closing over 100 deals with workplaces, universities, clinics, and government offices in 2020. Partnerships with leading diagnostics firms including Exact Sciences and major health plans such as Humana have created affordable and innovative testing solutions for preventative care, clinical research, and workforce testing.
The company also recently welcomed new members to its executive team. Executive Vice President of New Business Dana Underwood (former Global Head of Health Tech Products at Johnson & Johnson) and Vice President of Enterprise Strategy Kristen Augspurger (former Director of Innovation at Humana) joined Everlywell President Andy Page as the company's newest executive hires this year.
J.P. Morgan served as sole placement agent for the transaction.
Everlywell believes Americans deserve access to affordable lab tests and insightful, digitally-enabled results with actionable next steps. The company connects individuals to certified labs offering a suite of validated lab tests including Cholesterol, Heart Health, Fertility, STIs, Lyme Disease, Testosterone, Thyroid and more. Everlywell offers one of the only FDA-authorized at-home sample collection test kits for COVID-19, and was the first to provide access to at-home sample collection lab tests for fertility, high-risk HPV, and indoor & outdoor allergies. Prices are straightforward starting at $49 and tests 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, including some of the largest health plans in the nation.
The Austin-based company was founded in 2015 and is advised by a Scientific Advisory Board that includes some of the nation's top scientists from Harvard, MIT, Google and NYU. Everlywell was selected as one of Fast Company's Most Innovative Companies in 2019. For more information please visit www.everlywell.com.
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