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The digital health company EverlyWell today announced that it has raised $50 million in funding led by its existing investor Goldwater Capital. CEO Julia Cheek founded EverlyWell in 2015 to offer validated at-home lab tests that start at $49 and are reviewed by physicians at a certified lab. The results and next steps are available on EverlyWell’s digital platform within days.
Cheek’s own experience motivated her to start EverlyWell. In 2015, she started to feel sick and spent six months visiting specialists who ran a variety of lab tests to find out what was wrong. “I never got the results and nothing was ever explained to me. But because I was on a high deductible plan, months later I ended up getting bills from the labs for hundreds and hundreds of dollars – totaling up to over $2,000 in out-of-pocket in costs,” Cheek previously told Forbes. After all of the tests and doctor’s appointments, she learned that she had multiple hormone and vitamin deficiencies.
EverlyWell has expanded to offer 35 different types of testing including tests for food sensitivity, hormone levels and sexually transmitted diseases. The company also launched independent physician consultations and prescriptions for select sexually transmitted diseases and Lyme Disease.
Cheek says they are using the funding to expand the digital platform, further existing partnerships with Humana and CVS and build out their national Target launch. EverlyWell tests are available at CVS, Humana and the EverlyWell website. Target began distributing EverlyWell test kits nationally earlier this month. Target currently offers nine products in more than 1,600 stores and is set to expand to additional locations.
“Our mission since the beginning has been about access to affordable, easy lab testing. We work with certified labs and a virtual physician network to provide that testing in a home-kit experience. While we customize panels with our lab partners, we didn’t create new tests or technologies. Instead, we’ve built technology that empowers people to get tests more easily,” Cheek previously told Forbes.
With this new round, the Austin-based company has received $55 million in total venture capital funding. In 2017, Lori Greiner gave $1 million as a line of credit at an eight percent interest for a five percent equity stake when Cheek presented the company on Shark Tank.
April 16, 2019 at 06:04PM
Forbes – Entrepreneurs