Everlywell Net Worth – It has become a $1 billion business!

Being sick is stressful enough, but getting lab results can be even more exhausting. Everlywell solves this problem by offering a way to take health tests at home. Founder Julia Cheek appeared on Shark Tank and landed a deal with Lori Greiner. It is now one of Shark Tank’s most successful companies. As of 2024, Everlywell has a market cap of $2.9 billion.

Julia Chick’s Background

Julia Chick is from Austin, Texas. She attended Vanderbilt University and received her MBA, cum laude, from Harvard Business School. In her early years, she was a world champion equestrian until she retired in 2009.

She began her career as a management consultant at Deloitte US. She then became an executive at the George Bush Institute. The Texas native was later hired as the CFO of MoneyGram. After several years in that position, she became the company’s youngest division vice president.

Founding Everlywell

One day, Julia discovered that her hormones were imbalanced and needed to do some lab work. However, she spent a lot of time and money waiting for the results, which she never fully understood. This prompted her to change the way she handled her lab results.

Julia created an online platform where people can order test kits for different conditions. Customers can then send their samples to a partner lab and wait for the results on Everlywell.com.

When the company was founded in 2015, there were only 13 tests to choose from. Nevertheless, this was enough for the businesswoman to earn $2.5 million in revenue in less than a year. The monthly turnover is $400,000, and sales are growing by 20% month-on-month.

Shark Tank Appearance

The startup is expanding rapidly, and Julia needs to raise money quickly to compete with larger players in the market. She appears on Shark Tank Season 9 seeking $1 million in exchange for a 5% stake.

The Sharks were impressed with the revenue numbers, but they knew the healthcare space was incredibly competitive. In addition, Everlywell would need to raise more capital in the future, which could dilute their stake.

Lori Greiner was the only Shark willing to take the risk. She offered a $1 million line of credit at 8% interest and 5% equity, and Julia accepted! Julia desperately needed a line of credit and was happy to have Lori on board.

After Shark Tank

After Shark Tank, the home health testing company expanded rapidly. Two years after the deal with Lori, Everlywell hit $65 million in lifetime sales! Their products are sold at retailers like Walgreens, Kroger, CVS, and Target.

According to CB Insights, Everlywell has managed to raise $255.55 million from 18 investors, with the latest round of $75 million occurring in January 2021. A funding round in December 2020 valued the company at $1.3 billion!

Some of the funds raised were used to acquire other companies. In March 2021, they acquired PWNHealth and Home Access Health Corp in a cash and stock deal. Julia merged the two companies into a parent company called Everly Health. After the transaction, Everlywell was valued at $2.9 billion!

In 2021, Everly Health acquired women’s health startup Natalist, marking the company’s third major investment. The company has more than 600 employees and had annual sales of more than $200 million in 2020, according to Bloomberg.

Everly Health has cumulative sales of $1.2 billion by 2024. Given the company’s massive success, they could go public in the next two to three years.

Categories: Shark Tank
Source: dut.edu.vn