Home COVID Test Startup Everlywell Nets $75 Million For Investor Liquidity

Home COVID Test Startup Everlywell Nets $75M

Everlywell, an Austin, Texas-based producer of home tests for COVID-19 and other diseases and health conditions, has raised $75 million on top of a recent $175 million Series D round, according to published reports.

The latest funding comes from HealthQuest Capital, a Belmont, California-based investment fund that focuses on companies in their early stages of growth. The investment will put HealthQuest Managing Partner Garheng Kong on Everlywell’s board of directors, according to a Friday (Jan. 15) tweet from his account.

According to published reports, because the new investment will be used to “provide liquidity” for existing investors, the placement won’t change Everlywell’s $1.3 billion valuation.

In addition to its $109 COVID-19 test, Everlywell sells home test kits for food sensitivities, thyroid problems, metabolic issues, vitamin deficiencies and other conditions.

The new funding comes six weeks after Everlywell closed a $175 million Series D fundraising round, reports stated.

In announcing that round, Everlywell ssaid in a news release that the capital would be used “to expand consumer lab testing and digital health offerings.”

Announcing in March that Everlywell was developing a home COVID-19 test, company Chief Medical and Scientific Officer Dr. Frank Ong said, according to PYMNTS: “As the COVID-19 public health emergency continues to worsen with community spread across the United States, there is an unmet medical need to broaden the access to testing for SARS-CoV-2 coronavirus in a responsible manner to complement and help alleviate the potential overload on healthcare systems and healthcare providers if testing was only available in the limited clinical setting.”

HealthQuest Capital’s portfolio includes 20 active investments, according to its website.