What Happened to EverlyWell after Shark Tank Pitch?

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What is EverlyWell?

EverlyWell is a digital health platform that makes at-home health testing easier. EverlyWell offers 35 in-home test kits that use blood, saliva, or urine to check a variety of health parameters, including testosterone levels, metabolism, and food sensitivity testing, among others.

All that remains after obtaining a kit is to collect a sample and submit it to one of their designated laboratories for evaluation by a doctor. Test results are available online within five business days.

EverlyWell offers a wide range of tests, including allergy and food sensitivity testing, cholesterol and thyroid testing, men’s health, women’s fertility testing, and even sexually transmitted diseases testing (STD).

Who is the EverlyWell Founder?

Julia Cheeks, the founder and CEO of EverlyWell, developed the idea in 2016 after incurring expensive out-of-pocket fees while waiting weeks for the results of what should have been a straightforward test.

Cheeks, who was unhappy with the service she received, set out to find a more convenient, rapid, and cost-effective alternative.

EverlyWell is one of a group of at-home testing companies that includes Modern Fertility and Future Family, all of which focus on women’s fertility, as well as 23andMe, a genetic testing business that has garnered over $750 million in funding for its at-home gene-testing services.

Unlike 23andMe, EverlyWell, on the other hand, is devoted to strong privacy and compliance requirements.

Except for the medical network, which requires access to the data, the company does not sell or reveal consumer data or test results.

EverlyWell gathers data on servers that comply with HIPAA, the federal health information privacy standard that governs how private health data should be handled.

What Happened to EverlyWell on Shark Tank?

Julia appeared on Shark Tank season 9 episode 12 asking for $1 million in exchange for a 5% ownership in her firm, which raises a few eyebrows. This implies a valuation of $20 million.

She tells the story of how she created her company and claims that the lab testing market is worth $25 billion. She wishes to make it simpler for medical consumers to obtain lab testing.

She then gives the sharks sample kits, each of which checks for a different set of parameters (e.g. food sensitivities, vitamin D, cholesterol, etc.). She informs Robert that the tests range in price from $69 to $399.

When Barbara asks if it’s cheaper this way, Julia says it depends on the person’s insurance. In answer to Robert, she states that her kits are not yet in insurance networks, but she adds that simplicity is the primary selling point.

When Rohan asks about sales, she tells him that she has done $2 million in sales since the company’s beginning.

She goes on to claim that the business is currently on a $400,000 run rate and grows by 20% on a monthly basis, which impressed the sharks.

In answer to Lori’s query, the founder says they’re on target to generate $4 million next year and $12 million the year after that.

She has already obtained $5 million in financing at a $15 million value. She has a competitive advantage because no other businesses supply her service. She also announces a partnership with Helix, which will allow her to examine genomes as well.

Mark goes out because he is extremely preoccupied with winning.

Barbara decides to depart since she feels the corporation would want a significant chunk of money.

Robert then goes on to talk about how expensive it is to run a business in America in terms of employee health care. He’s also out after noting that she’d always have to raise more money.

Rohan Oza welcomed the presentation of EverlyWell founder Rohan Oza. He is also out because he feels that a $1 million investment would be “very soon diluted.”

Lori likes Julia’s plan and agrees to grant a $1 million line of credit at 8% in exchange for a 5% ownership in the firm.

Julia immediately accepts the offer, and the founder turns around to walk out of the set with a huge smile.

What Happened to EverlyWell Following Shark Tank Pitch?

EverlyWell is making an attempt to improve retail sales at pharmacy shops now that the deal with Helix has been finalized.

She is also expanding her provider network so that doctors may share test results with primary care providers.

In episode 1118, the corporation will present an update segment, so we’ll find out more then. They said that they are now available in Target and CVS stores, as well as through the mail.

In 2020, the business developed a COVID-19 Test Home Collection Kit and won a $175 million financing round, valuing it at $13 billion.

The firm purchased PWNHealth and Home Access Health Corporation in March 2021, resulting in the establishment of the parent company Everly Health.

“Together, the merged firms aid more than 20 million persons yearly in all 50 U.S. states, Canada, and Puerto Rico,” according to a news statement. Prior to these deals, the company’s annual sales were $52 million.

What is the Net Worth of EverlyWell?

EverlyWell is now worth $2.9 billion after acquiring PWNHealth and Home Access Health Corp.

Who are EverlyWell Competitors?

EverlyWell’s key competitors are Socrates Health Solutions, Thriva, LetsGetChecked, and LIVI.

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EverlyWell FAQS

1. What is EverlyWell?

EverlyWell is a laboratory testing and health data management company that was founded by Julia Cheeks in 2016.

It provides at-home tests that are designed to be conducted on the consumer’s own kit and without the need for a doctor or medical professional.

2. How does EverlyWell work?

EverlyWell offers 35 in-home test kits that use blood, saliva, or urine to check a variety of health parameters, including testosterone levels, metabolism, and food sensitivity testing, among others.

3. Where is EverlyWell headquarters?

It is based in Dallas, Texas.

4. Who is EverlyWell’s CEO?

Julia Cheeks was the founder and CEO of the business.

5. Who are EverlyWell’s competitors?

Its key competitors include Socrates Health Solutions, Thriva, LetsGetChecked, and LIVI.

6. How much was EverlyWell valued at the Shark Tank?