Everlywell Secures $75M Funding from HealthQuest Capital

Everlywell, the company pioneering at-home health testing kits, has secured an additional $75 million in funding, building on the $175 million Series D round announced last December. This latest investment originates from HealthQuest Capital, with Dr. Garheng Kong, the fund’s founder and managing partner, now taking a seat on Everlywell’s board of directors. Everlywell intends to utilize these funds to offer existing investors increased liquidity, maintaining the company’s $1.3 billion valuation established in December.

HealthQuest Capital specializes in investments focused on bringing diagnostic businesses to market. Furthermore, its parent organization boasts an extensive network of partners encompassing hospitals and healthcare insurance providers. These connections will be particularly valuable to Everlywell as it expands its operations and targets growth within the enterprise sector.

Everlywell, headquartered in Austin, creates at-home testing kits addressing various health areas, such as thyroid conditions, allergies, and food sensitivities. The company broadened its offerings in 2020 with a COVID-19 home collection test kit, which significantly contributed to the company’s expansion – both in terms of COVID-19 testing volume and increased demand for its other products, as stated by Everlywell’s CEO and founder, Julia Cheek, during a discussion in December regarding the Series D funding.

The partnership with HealthQuest’s investment division is expected to bolster Everlywell’s direct-to-consumer business while simultaneously fostering the development of its enterprise-focused operations. While Everlywell currently collaborates with employers and health insurance plans, this investment is anticipated to expedite the growth of this segment of the business, positioning the company for continued success in 2021 and the years to come.