US-based medical test access provider Everlywell received $175m in series D financing yesterday from investors including over-the-top media company The Chernin Group, at a valuation reported by Forbes to be $1.3bn.
Foresite Capital, Greenspring Associates, Lux Capital, Morningside Ventures, Portfolia, Goodwater Capital, Highland Capital Partners and Next Coast Ventures also took part in the round along with funds and accounts managed by BlackRock.
Everlywell has built a digital platform that allows users to get access to federally approved testing kits for cholesterol, cardiovascular, fertility, testosterone and thyroid conditions as well as Lyme disease, allergies and sexually transmitted infections.
The company began selling at-home testing kits for covid-19 earlier this year and will spend the series D proceeds on strengthening its virtual care products, expanding its testing and improving its clinical research.
Julia Cheek, founder and CEO of Everlywell, said: “The pandemic has shed light on the challenges of lab testing for Americans, from unknown costs to confusion and inconvenience. We have 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.”
The company said the round brought its overall funding to more than $250m, $50m of which came from Goodwater Capital, Next Coast Ventures, Highland Capital and NextGen Venture Partners in April 2019. It said this week Highland Capital had led a series C round earlier this year.
