|SEASON 9 EPISODE 12|
|Pitch||Easy at-home health testing kits|
|Asked For||$1 million for 5%|
|Deal||$1 million line of credit at 8% + 5% equity|
What is Everlywell?
EverlyWell is the digital health platform making home health testing easier. EverlyWell offers a total of 35 in-home test kits that use either blood, saliva or urine to examine a variety of health aspects including testosterone levels, to metabolism and food sensitivity tests which are some of its most popular.
Once a kit is purchased, all there is to do is collect a sample and return it to the one of their listed laboratories for review by a doctor. Test results are made available within five business days and can be reviewed online.
In 2016, EverlyWell founder and CEO Julia Cheeks, came up with the idea after having to pay expensive out of pocket fees while waiting weeks for the results to what should have been a routine test. Unsatisfied with the service she received, Cheeks set out to find a more convenient, timely and cost effective solution.
EverlyWell is in a category of at home testing solutions that include Modern Fertility and Future Family – companies that focus on women’s fertility and 23andMe, the genetics testing company that has raised more than $750 million for its at home gene-testing services.
But unlike 23andMe, EverlyWell is dedicated to maintaining privacy and compliancy standards to a high level. The company does not sell or share customer data or test results – except to share with the physician network who must be able to review it. The data collected by EverlyWell is hosted on servers that follow HIPAA, the government policy on health information privacy which details how private health data should be handled.
What Happened After Shark Tank Update
Did Everlywell Get a Deal on Shark Tank?
Everlywell founder Julia Cheek appeared on Shark Tank Season 9 Episode 12 seeking $1 million for 5% (a $20 million valuation) and left with a deal from Lori Greiner of a $1 million dollar line of credit at 8% for 5% equity. The deal closed and today Everlywell is one of Shark Tank’s Most Successful Products.
The company was featured on Season 11 of Shark Tank where Lori Greiner revealed that the company had earned over $65 million in 2 years since first appearing on the show and was on track to becoming one of the Shark Tank’s most successful companies.
In early 2020, Everlywell released the Everlywell COVID-19 Test Home Collection Kit, a self-collect nasal swab kit, in an effort to help the nation improve its testing in response to the COVID-19 pandemic. The company had initially ran into regulatory issues with the FDA, but was finally granted permission to sell the kits back in May 2020.
How Much is Everlywell Worth?
In April 2019, the company closed a series A round of funding where EverlyWell raised $50 million from firms that include NextGen Venture Partners, Next Coast Ventures, Highland Capital Partners, and Goodwater Capital .
With the need for at-home testing growing at an unprecedented rate, Everlywell’s sales have surged throughout 2020. As of October 2020, Everlywell has been in talks with major investors as the company seeks new funding at a $1 billion valuation .
With news articles claiming EverlyWell’s food sentivity test as medically dubious, some question the validity of the at-home test kits.
EverlyWell has worked diligently to gain the trust of its many customers. But reviews of its tests remain mixed.
Tests like the vitamin, heart health and women’s ovarian reserve are highly rated whereas the food sensitivity tests have mixed reviews. Other popular tests include the Metabolism Test, Thyroid Test, and the Vitamin D & Inflammation Test which can all be found on Amazon or through the EverlyWell website.