EverlyWell, Austin Maker of At-Home Lab Tests, Nets $50 Million
Austin—EverlyWell, an Austin-based startup developing at-home health and wellness tests for patients, announced that it has raised $50 million in a Series B round of funding.
The investment was led by existing investor Goodwater Capital and newcomer Highland Capital Partners, the startup said in a press release. Next Coast Ventures, NextGen Venture Partners, and other investors participated, EverlyWell said. This brings the startup’s total funding raised to “just over $50 million,” according to the company. (That total includes $1 million netted from “Shark Tank” investor Lori Greiner in late 2017.)
Julia Cheek founded EverylyWell nearly four years ago, and continues to lead the company as CEO. In 2016, the company began beta testing eight health and wellness tests to measure things like food sensitivity, thyroid activity, and other biological indicators.
Other digital health businesses developing new technologies for collecting and testing blood include Israel-based Sight Diagnostics and Tasso, headquartered in Seattle.
EverlyWell says it will use the investment for further software development and boost existing partnerships with companies such as CVS (NYSE:CVS) and Humana (NYSE:HUM). Earlier this month, the startup said Target (NYSE:TGT) was selling EverlyWell testing kits nationally, offering the nine tests in more than 1,600 stores in the US.
“As high-deductible plans become the norm, consumers are becoming discerning buyers who look for seamless, digitally-enabled experiences,”Julia Cheek, EverlyWell’s founder and CEO, said in a prepared statement.