Pandemic or no, investors are still getting behind digital health. Everlywell, a firm that styles itself a leading digital health company with its tests and platforms, said it has raised $175 million in an oversubscribed series D round.
With this new investment, the Austin, TX-based company has raised more than $250 million in funding since launching in 2016. 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.
Everlywell said it 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.
"The pandemic has shed light on the challenges of lab testing for Americans, from unknown costs to confusion and inconvenience,” Julia Cheek, Everlywell Founder, and CEO said in a release. “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. 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."
Everlywell 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.