Discover the story of Everlywell, an innovative company making waves in the healthcare industry with its at-home testing kits. The brainchild of founder Julia Cheek, Everlywell was born out of a desire to make healthcare services more affordable and conveniently accessible from home. The company had the opportunity to share its vision on Season 9 of Shark Tank, where Julia Cheek successfully secured a partnership with Lori Greiner. This pivotal moment marked a significant turn in Everlywell’s journey, propelling the company to achieve remarkable growth. In the two years following their appearance on the show, Everlywell reported over $65 million in earnings and even managed to reach a staggering $2.9 billion valuation by 2021. Dive in to learn more about Everlywell’s extraordinary journey, from its pivotal Shark Tank pitch to its post-show successes.
The Basics
- Company: Everlywell
- Product: At-home health testing kits
- Owner: Julia Cheek Asking Price: $1 million for 5% equity
- Final Deal: $1 million line of credit at 8% + 5% equity
- Season/Episode: Season 9, Episode 12 (December 3, 2017)
Everlywell Before Shark Tank
Everlywell was founded by Julia Cheek in 2016, motivated by her personal experience of having to pay expensive out-of-pocket fees and waiting weeks for results from a routine test. The company began by offering at-home testing kits for a range of health conditions including food sensitivities, fertility, cardiovascular disease, and more. The idea was to make it easier for people to access affordable health care services within the comfort of their own homes, avoiding the hassle of busy medical professionals, long waits in doctor’s offices, and expensive hospital bills.
Everlywell On Shark Tank
Julia Cheek entered Shark Tank asking for $1 million for 5% of Everlywell. She explained that the main selling point of her products was convenience, with tests ranging in price from $69 to $399. At the time, the company was not yet part of any insurance networks. Everlywell had done $2 million in sales since its launch, and projected $4 million in sales for the following year and $12 million the year after. The company had previously received $5 million in funding at a $15 million valuation. Despite the perceived competitive advantage, some of the Sharks were concerned about potential competition and the amount of money the business would require. Lori Greiner, however, offered a $1 million line of credit at 8% for a 5% piece of the business, which Julia accepted immediately.
The Bidding
Despite some skepticism from the Sharks, Lori Greiner recognized the potential in Everlywell and offered a $1 million line of credit at 8% interest in exchange for a 5% stake in the company. Julia Cheek accepted the offer enthusiastically, securing a deal for Everlywell.
Final Deal
The final deal for Everlywell on Shark Tank was a $1 million line of credit at 8% interest in exchange for a 5% equity stake, offered by Lori Greiner. The deal was accepted by Julia Cheek.
Everlywell After Shark Tank
Following its appearance on Shark Tank, Everlywell has seen significant success. The company quickly expanded its market, and within two years of the show, it had earned over $65 million. Everlywell also released a COVID-19 home collection kit in response to the pandemic, and in 2019, it raised $50 million in a series A funding round. The company’s sales surged throughout 2020, and as of October 2020, Everlywell was in talks with major investors as it sought new funding at a $1 billion valuation. In 2021, Everlywell was valued at $2.9 billion after acquiring PWNHealth and Home Access Health Corp., and these companies were combined under a newly formed parent company, Everly Health.
Disclaimer:
The data presented in this article is intended for informational purposes only. While every attempt has been made to ensure its accuracy, the rapidly changing nature of the business world means some details may have evolved or changed since the time of writing. SEO Insights is not affiliated with ‘Shark Tank’, ABC, or any of its subsidiaries, and does not warrant the completeness or timeliness of the information contained in the document. Readers are encouraged to conduct their own due diligence before making any business decisions.
