Austin, Texas-based EverlyWell – maker of a digital platform that lets consumers order lab tests online, provide samples and receive results – has raised $50 million in a funding round announced this morning. Goodwater Capital led the round, with additional participation from Highland Capital Partners, Next Coast Ventures, NextGen Venture Partners and other unnamed investors.
WHAT THEY DO
EverlyWell offers consumers a range of lab tests that can be ordered on the company’s website. After receiving a blood, urine or saliva collection kit through the mail, customers return the sample and receive an online breakdown of their results (as well as another more technical report that can be shared with a physician). Of note, customers pay for their test up front, avoiding any unexpected billings that may come when insurance doesn’t pay for a test.
According to the funding announcement, EverlyWell, which has seen a 300% year-over-year customer growth, offers 35 different panels. It has launched an end-to-end care model for certain conditions.
WHAT IT’S FOR
EverlyWell wrote that will be using the $50 million to further expand its digital platform and beef up its partnerships with brands like CVS and Humana.
MARKET SNAPSHOT
Consumer-friendly mail-in tests have become more feasible over the years, leading to major moves among players within the past few years. February saw an $18 million Series B round from urine analysis company healthy.io, and more recently Scanwell Health announced its kit-and-smartphone-based diagnostic platform would be playing a role in an ongoing, multicenter chronic kidney disease study.
ON THE RECORD
“Lab testing is arguably one of the most important steps in preventing and managing illness, but has been largely ignored by digital health companies,” Eric Kim, managing partner at Goodwater Capital, said in a statement. “With a clear consumer pain point and a strong executive team that integrates both consumer and healthcare expertise, EverlyWell is successfully navigating an entrenched industry to offer consumers an opportunity to take charge of their own health.”
