Everlywell announced today that it completed an oversubscribed Series D financing round, bringing in proceeds of $175 million.
Austin, Texas-based Everlywell’s latest round included new investors such as BlackRock, The Chernin Group (TCG), Foresite Capital, Greenspring Associates, Lux Capital, Morningside Ventures, and Portfolia, as well as existing investors Goodwater Capital, Highland Capital Partners, and Next Coast Ventures.
J.P. Morgan served as the sole placement agent in the transaction. According to a news release, the investment brings its total capital raised to over $250 million to date.
The company said it plans to use the funds raised to expand its virtual care offerings, scale its testing and infrastructure, drive clinical research and disease management through testing and grow its position in the at-home testing space.
“The pandemic has shed light on the challenges of lab testing for Americans, from unknown costs to confusion and inconvenience,” Everlywell founder & CEO Julia Cheek said in the release. “We’ve 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.”
Everlywell came under scrutiny earlier this year when, in March, the FDA warned against unauthorized at-home tests that companies, including Everlywell, had been marketing as “for sale” while awaiting authorization. However, in May, the company received emergency use authorization for its home test kit.