EverlyWell Shark Tank Net Worth 2023
Two years after the deal with Lori closed, Everlywell has seen tremendous success, earning $65 million in lifetime sales and gaining a net worth of $2.9 billion! Their products are now available internationally in major retailers like Walgreens, Kroger, CVS, and Target.
Funding rounds from 18 investors have brought in a total of $255.55 million in capital over the years, with the latest funding round totaling an impressive $75 million coming as recently as January 2021.
This last round valued EverlyWell at an astounding $1.3 billion! Thanks to their expansive portfolio – now including PWNHealth and Home Access Health Corp – EverlyWell is well-positioned for continued growth and success!
What is EverlyWell? Who is the Founder of EverlyWell?
EverlyWell is a digital platform in the field of healthcare that makes it easy for people to perform medical tests at home.
EverlyWell offers 35 test kits that can be used at home to analyze different aspects of health using bodily fluids such as blood, saliva, or urine. The tests include assessments of testosterone levels, metabolism, and food sensitivities, which are highly popular.
Once a test kit is purchased, the only remaining steps are to collect a sample and send it to one of EverlyWell’s designated laboratories for analysis by a qualified medical practitioner. The test results are usually available online within five working days.
EverlyWell offers a wide range of tests, including allergy and food sensitivity tests, cholesterol checks, thyroid function assessments, men’s health evaluations, women’s fertility testing, and even sexually transmitted disease (STD) screening.
In 2016, Julia Cheeks, the founder and CEO of EverlyWell, was faced with high out-of-pocket expenses and long wait times for the results of a simple medical test. Dissatisfied with the service she received, Cheeks sought to create a more convenient, speedy, and cost-effective alternative.
EverlyWell is one of several companies that offer at-home testing services, including Modern Fertility and Future Family, which specialize in women’s fertility, and 23andMe, a genetic testing company that has received over $750 million for its services.
However, EverlyWell stands apart from 23andMe in its commitment to maintaining strict privacy and compliance standards.
The company does not sell or disclose consumer data or test results, except to medical professionals who require access to them. EverlyWell stores data on servers that comply with HIPAA, the federal guidelines for handling private health information.
What Happened to EverlyWell at the Shark Tank Pitch?
Julia made an appearance on season 9 episode 12 of Shark Tank, where she requested $1 million in exchange for a 5% stake in her company. This led to some questions about the valuation of her company, which appeared to be around $20 million.
During her pitch, Julia explained how she started her company and highlighted the potential of the lab testing industry, which is worth $25 billion. Her goal is to make lab testing more accessible and convenient for medical consumers.
She then distributed sample kits to the sharks, each of which tests for different parameters such as food sensitivities, vitamin D, and cholesterol. When asked about the price range of the tests, Julia informed Robert that they range from $69 to $399, depending on a person’s insurance coverage.
Although her kits are not yet covered by insurance networks, Julia emphasized that the simplicity of the process is the main selling point. She also revealed that her company has generated $2 million in sales since its inception and is on track to make $4 million next year and $12 million the following year.
Despite concerns from some of the sharks about the competitiveness of the market and the need for additional funding, Julia received an offer from Lori. Lori offered a $1 million line of credit at 8% in exchange for a 5% stake in the company, which Julia accepted with a smile.
What Happened to EverlyWell after the Shark Tank Pitch?
The Helix transaction has been completed, and EverlyWell is striving to boost sales at retail pharmacy stores. Additionally, they are expanding their provider network by adding doctors to share test results with primary care providers.
In the upcoming episode 1118, the company will provide an update on their progress. They have announced their availability in Target and CVS stores, as well as offering mail-in testing services.
In 2020, EverlyWell launched the COVID-19 Test Home Collection Kit and secured a $175 million investment, which valued the company at $13 billion.
The company further expanded by acquiring PWNHealth and Home Access Health Corporation in March 2021, forming the parent company Everly Health.
The press release stated that the combined entities now serve over 20 million individuals annually across all 50 US states, Canada, and Puerto Rico. Prior to these acquisitions, the company’s annual revenue was $52 million.
EverlyWell Net Worth
After acquiring PWNHealth and Home Access Health Corp, EverlyWell is net worth $2.9 billion.
EverlyWell Competitors
Socrates Health Solutions, Thriva, LetsGetChecked, and LIVI are among EverlyWell’s main rivals.
EverlyWell FAQS
What is EverlyWell?
EverlyWell is an at-home health product testing company that was founded in 2016.
Who is Julia Cheeks?
Julia Cheeks is the founder and CEO of EverlyWell.
When did EverlyWell get started?
The company was launched in 2015 to provide consumers with convenient at-home lab testing services.
How much was she seeking in the Shark Tank?
Julia was seeking $1 million investment for a 5% stake in the company.
Did he the deal from the Sharks?
Julia obtained a $1 million line of credit from Lori Greiner at 8% interest for 5% stake in the firm.
How much did Lori make from EverlyWell?
Lori Greiner claimed on Season 11 of Shark Tank that the firm had generated over $65 million in two years since first appearing on the show and was on course to become one of Shark Tank’s most successful companies.
Is EverlyWell a genuine company?
EverlyWell can assist clients in receiving essential health information in a rapid, accessible, and comfortable manner.
CLIA-certified laboratories are used by the firm. This implies that its tests are subjected to frequent quality checks, and its laboratories are subjected to regular inspections.
Does EverlyWell keep their DNA?
Helix, a partner firm, claims it may keep their DNA sample in its lab indefinitely for “quality control and optimization.”
PWNHealth is owned by whom?
PWNHealth is owned by Everly Well, Inc.
Why is it that EverlyWell takes so long?
Due to increased demand, kits may take up to 2-3 business days to leave their fulfilment centre after their purchase is placed.
Who competes with EverlyWell?
Socrates Health Solutions, Thriva, LetsGetChecked, and LIVI are among EverlyWell’s main rivals.
How accurate is the EverlyWell Covid test?
The EverlyWell COVID-19 Test Home Collection Kit DTC is an rt-PCR test that has been approved by the FDA and satisfies their accuracy standards.
The FDA has established standards for the accuracy of SARS-CoV-2 PCR testing, which must surpass 95 percent at quantifiable quantities.
What does EverlyWell do with their data?
All data is encrypted using industry standard procedures (AES-256).
This implies that data is encrypted both at rest and in transit.
They always employ the most recent technology and security patch levels. Credit card information is not stored in any database.
Does EverlyWell ship to Hawaii?
At the moment, EverlyWell can only ship within the United States. They are also unable to send to APO/FPO/DPO addresses or to US territory.
Is EverlyWell available in New Jersey?
All EverlyWell tests are now available to residents of New Jersey and Rhode Island, and their COVID-19 Test Home Collection Kit is now available in all 50 states, including New York.
What food sensitivities does EverlyWell test for?
The EverlyWell at-home Food Sensitivity Test is an excellent (and simple) approach for them to detect their food sensitivities.
This test determines their sensitivity to 96 different foods, including gluten and dairy products, as well as various meats, fruits, and vegetables.
How quickly does EverlyWell ship?
When people place an order for an EverlyWell kit, it is mailed straight to the location they specify, and it generally arrives within 3-5 business days.
They don’t need to go to the doctor’s office or a laboratory to take the test; they may do it all from home.
Where can they find the EverlyWell lab?
It is based in Dallas Texas.
Is EverlyWell a rapid test?
The majority of quick antigen diagnostic tests, including those offered by EverlyWell, are designed to identify the SARS-CoV-2 nucleocapsid (N) protein.
Why does EverlyWell ship to New York?
This is due to the state’s testing rules. They aspire to eventually be able to provide all of their testing in all 50 states.
Does EverlyWell sell their DNA?
They never sell their clients’ information, and they utilize cutting-edge, bank-grade encryption to safeguard data security.
EverlyWell employs the following security measures: They do not run any servers or store any data.
What is the net worth of Julia Cheek?
Julia Cheek’s net worth is unavailable.
