It's relatively easy to see opportunities for innovation in our sprawling health care systems. But developing, marketing and launching a meaningful new product in the industry is a whole other challenge.
EverlyWell, an Austin-based at-home lab test startup that helps people test for fertility, STDs and many other conditions, appears to have broken through to the next phase of its story with a new $50 million investment.
The funding was led by Goodwater Capital, and with Highland Capital Partners joined in the round, as well. Others included Next Coast Ventures, NextGen Venture Partners and SoGal Ventures.
The company, founded in 2015 by CEO Julia Cheek, offers a growing list 35-plus lab tests, including one for Lyme's Disease. It allows consumers to submit samples at home and send them to certified labs -- and the results are later reviewed by physicians. Meanwhile, it provides results, which might include suggestions or directions for what to do next, digitally.
The tests start at about $35.
"Americans borrowed a staggering $88 billion to pay for healthcare last year, and 65 million people avoided treatment due to cost," Cheek said in a news release. "As high-deductible plans become the norm, consumers are becoming discerning buyers who look for seamless, digitally-enabled experiences."
The company says it has registered 300 percent year-over-year customer growth, and it has also launched independent physician consultations and prescription options. Meanwhile, it has forged partnerships with Target, CVS and Humana.
"Lab testing is arguably one of the most important steps in preventing and managing illness, but has been largely ignored by digital health companies," said Goodwater Capital managing partner Eric Kim.
EverlyWell's new funding follows a couple earlier seed rounds. Perhaps most notably, Everlywell made a deal with Lori Greiner, one of the sharks on ABC’s “Shark Tank,” in 2017 that offered EverlyWell a $1 million line of credit with an 8 percent interest rate and gave Greiner a 5 percent equity stake.
