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Everlywell announced Thursday that it raised $175 million in Series D financing. The company said it plans to use the funds to "expand its virtual care offerings, scale its testing and infrastructure, drive clinical research and disease management through testing, and grow its national leadership position in the at-home testing market."
According to CEO Julia Cheek, the partnership with additional investors "enables us to build a transformative, multi-generational digital health company…in a rapidly expanding space," as laboratory testing shifts toward being fast, simple and "coupled with virtual care in the near future."
Everlywell, which launched in 2016, projects that its total revenues will quadruple in 2020, with sales of most of its tests "growing well over 100%" year-over-year, partly due to the expansion of its retail footprint to more than 10,000 locations. In May, Everlywell received FDA emergency-use authorisation for its at-home collection kit for COVID-19 diagnostic testing. The kit, which allows individuals to self-collect nasal swab specimens, can also be used in conjunction with Thermo Fisher Scientific's TaqPath test for COVID-19.
Meanwhile, Everlywell said the latest investment brings its total capital raised to over $250 million, which includes $50 million raised last year.
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