Austin-based Everlywell, whose menu of at-home lab tests includes COVID-19 tests, has absorbed two other testing businesses and has formed a new parent company in a bid to further capitalize on the $85 billion global testing market.
Everlywell, a startup reportedly valued at $2.9 billion, said March 24 that it had purchased New York City-based PWNHealth, as well as Hoffman Estates, Illinois-based Home Access Health. PWNHealth is being rebranded as Everly Health Solutions and will operate as an independent subsidiary of the new parent company, Everly Health. Financial terms weren’t disclosed.
A fresh stockpile of cash fueled the acquisitions. In January, Everlywell raised $75 million in venture capital. That came a month after it collected $175 million in funding. In all, the company has reaped $325 million in venture capital. Everlywell expected sales from 2020 to surpass $100 million.
With the two acquisitions, Everly Health now employs nearly 500 people and operates in all 50 states, Puerto Rico, and Canada. Before the acquisitions, Everlywell employed nearly 300 people. Today, employees are located in Austin, Dallas, New York City, and the Chicago area.
Everlywell CEO Julia Cheek, who founded the company in 2015, has been named CEO of Everly Health.
“The pandemic significantly accelerated the growth of consumer-friendly lab testing within the $85 billion testing market, resulting in a watershed moment for all aspects of diagnostics. People now expect affordable, high-quality, and easy diagnostic testing more than ever before,” Cheek says in a release. “From technology to testing to treatment, Everly Health will transform lives with modern, diagnostics-driven care. Our priority is creating a world-class experience that enables our partners to deliver better care with ease.”
Ahead of the acquisitions, Everlywell provided more than 35 types of at-home lab tests. Last May, it became the first digital health company to receive federal authorization for a mail-in COVID-19 test.