Everlywell, an Austin, Texas-based digital health company, raised $175m in Series D financing.
Backers included new investors 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 $250m to date, which includes a Series C round led by Highland Capital Partners earlier this year.
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.
Led by Julia Cheek, Founder and CEO, Everlywell provides a tests and digital platform to manage health and wellness. 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 FDA-authorized at-home sample collection test kits for COVID-19, access to at-home sample collection lab tests for fertility, high-risk HPV, and indoor & outdoor allergies. 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.
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.