Everlywell Raises $175M for At-Home Health Testing & Virtual Care

Digital health company Everlywell has secured $175 million in Series D funding, coming quickly after a $25 million Series C round completed in February of this year. This Series D round featured contributions from a diverse group of new investors, including BlackRock, The Chernin Group (TCG), Foresite Capital, Greenspring Associates, Morningside Ventures and Portfolio, in addition to existing investors such as Highland Capital Partners, who spearheaded the Series C funding. To date, the company has raised over $250 million in funding.

Everlywell, which first gained public attention at TechCrunch Disrupt SF 2016 as a Startup Battlefield participant, focuses on providing healthcare services in the home, specifically through at-home tests. Their digital platform delivers results to customers and assists them in understanding their diagnostics, as well as guiding them toward appropriate follow-up care and expert medical guidance.

Earlier this year, Everlywell introduced an at-home COVID-19 test collection kit, the first of its kind to receive emergency authorization from the U.S. Food and Drug Administration (FDA). This authorization enabled collaboration with a variety of lab service providers. This COVID-19 test is now part of a broader range of tests offered, including assessments for thyroid hormone levels, food and allergen sensitivities, women’s health and fertility, vitamin D deficiency, and more. In a conversation with Everlywell CEO and founder Julia Cheek regarding this funding, she noted that the COVID-19 pandemic significantly influenced the decision to raise a substantial amount of capital so soon after the Series C close, as the company experienced a considerable surge in demand following the coronavirus outbreak—not only for the COVID-19 test, but for digital healthcare solutions generally.

“We have been very successful with our COVID-19 test,” she stated. “Furthermore, we’ve observed that three-quarters of our test offerings have experienced growth exceeding 100% year-over-year, with several tests growing at rates of 4x or 5x. This reflects a significant change in consumer health behaviors, which is expected to continue across numerous areas, including testing, convenience, digital access, and at-home solutions.”

Cheek explained that Everlywell had already anticipated a growing consumer demand for remote and virtual care options, similar to other companies in the field. However, COVID-19 has dramatically accelerated this trend, prompting the company to quickly assemble this funding round, initiating the process in September.

“We’ve been discussing the digital health movement and the consumer-directed healthcare trend for approximately ten years,” she shared. “I believe the pandemic will serve as a pivotal moment. Hopefully, as we move past it, we’ll recognize positive changes that have occurred within the healthcare system. This is our daily focus, and the primary reason we sought this level of capital during a year of substantial growth.”

This year, Everlywell has also broadened the availability of its products, establishing distribution in over 10,000 retail locations across Target, Walgreens, CVS, and Kroger stores nationwide. The company has also forged new partnerships with diagnostic labs, insurance providers, and major employers—a crucial customer segment given that employers cover the largest portion of healthcare costs in the U.S. through employee benefits. Cheek emphasized that, despite these commercial and enterprise successes, the company’s primary focus remains on customer satisfaction, which sets their offering apart.

“75% of individuals purchasing our COVID-19 test are new customers, and it has a Net Promoter Score (NPS) of 75,” she noted. “It’s also our most frequently recommended product, and one of the top tests that leads customers to purchase additional tests. Experience is paramount—we’ve found that customers who rate us a nine or ten on NPS are five times more likely to make repeat purchases on our platform.”

According to Cheek, this level of customer satisfaction is not new for Everlywell, as customers have consistently expressed high satisfaction with the company’s products. However, the expanded reach and the growing awareness among Americans that virtual care and at-home options are both accessible and effective are recent developments.

“Many Americans are now realizing that healthcare can be delivered in new ways, and they are reluctant to revert to previous methods,” she explained. “This isn’t limited to Everlywell; it’s a broader trend across various sectors that have transformed consumer behavior regarding healthcare in the home, and we believe this shift will be largely permanent. This is the key driver behind our success and the reason Everlywell has resonated with so many Americans.”