March 2, 2024

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Truly Business

Household COVID Exam Startup Everlywell Nets $75M

2 min read

Everlywell, an Austin, Texas-based producer of residence tests for COVID-19 and other ailments and health problems, has raised $75 million on prime of a modern $175 million Series D round, in accordance to released reviews.

The most current funding comes from HealthQuest Funds, a Belmont, California-primarily based expense fund that focuses on organizations in their early phases of development. The financial investment will set HealthQuest Running Associate Garheng Kong on Everlywell’s board of directors, in accordance to a Friday (Jan. 15) tweet from his account.

In accordance to revealed studies, mainly because the new expenditure will be used to “provide liquidity” for current investors, the placement won’t transform Everlywell’s $1.3 billion valuation.

In addition to its $109 COVID-19 test, Everlywell sells house take a look at kits for meals sensitivities, thyroid troubles, metabolic problems, vitamin deficiencies and other circumstances.

The new funding will come 6 months just after Everlywell shut a $175 million Series D fundraising round, reviews stated.

In asserting that round, Everlywell ssaid in a information launch that the funds would be applied “to extend consumer lab screening and electronic health and fitness choices.”

Asserting in March that Everlywell was establishing a property COVID-19 check, organization Chief Health care and Scientific Officer Dr. Frank Ong said, according to PYMNTS: “As the COVID-19 general public health and fitness emergency continues to worsen with local community distribute throughout the United States, there is an unmet medical need to broaden the accessibility to screening for SARS-CoV-2 coronavirus in a responsible manner to enhance and support alleviate the probable overload on health care techniques and health care suppliers if testing was only available in the limited clinical placing.”

HealthQuest Capital’s portfolio contains 20 lively investments, in accordance to its site.

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