At-Home Health Testing Kit Startup Everlywell Raises $75 Million Following Round of Series D Funding

By Elijah Labby Thursday, January 21, 2021

Everlywell, a US company that allows users to test themselves at home for a variety of purposes from testosterone levels to Vitamin D, has raised $75 million to fund their business following a wildly-successful Series D funding round.

The venture capital firm HealthQuest Capital provided the funding and will make it possible for the startup to provide liquidity to its investors. The firm’s founder and managing partner Dr. Garheng Kong is now on the board of Everlywell.

The young company has now reached a stellar valuation of $1.3 billion, and its success is perhaps, in terms of timing, predictable. The coronavirus has placed an increased emphasis on personal health, and lockdowns worldwide have given potential customers more time than ever to monitor it. What’s more, the Everlywell COVID-19 testing kit has proven enormously successful and has paved the way for the startup’s recent triumph.

And this most recent success is not even the company’s largest. The Series D fundraising round the startup launched in late November raised $175 million to help scale the company and bring it to even more health-conscious consumers.

A Business Owner’s Perspective on Her Company’s Growth

In an interview with TechCrunch, Everlywell CEO and founder Julia Cheek said the business’s COVID-19 test is but one part of a rapidly-expanding company and numerous other enormously popular tests.

“We obviously have a very successful COVID-19 test,” she said. “But we’ve also seen three-fourths of our test menu just explode at well over 100% year-over-year growth, and several of our tests are at 4x or 5x growth. That is really representative of this shift in consumer health behavior that will continue in a big way in many different verticals that include testing, and making things more convenient, digitally-enabled, and in the home.”

The business owner said that she believes that the coronavirus pandemic will prove to be an extremely consequential event in terms of how consumers approach their personal health, and that the company wants to help facilitate that paradigm shift.

“We’ve been talking about the digital health movement, and the consumer-directed movement probably for a decade now,” Cheek said. “I do believe that this will be the watershed moment, unfortunately. But hopefully, we will come out on the other side of the pandemic and say, ‘There are some good things that happened broadly for healthcare.’”

The At-Home Test Kit Market

Additionally, it’s a good time to get into the at-home health diagnostic test market. This industry is growing in value at a rapid pace and is expected to go from a worth of $4.78 billion in 2017 to $6.53 billion by 2025, according to market research firm Fior Markets.

It seems that the wind is at the backs of Everlywell and companies like it, and this recent round of funding will likely continue to push the startup to new heights.

About the Author

Headshot for author Elijah Labby

Elijah Labby is a graduate of the National Journalism Center. He has previously written for Broadband Breakfast, a technology and internet policy website.

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