Here's What Went Down With EverlyWell After Shark Tank
EverlyWell's founder and CEO Julia Cheek started her business in 2014 after noticing a gap in the market. She found that there was no way for Americans to get easy and affordable access to lab tests at home after taking an unsuccessful test herself — and she was ready to do something about that. "I never got the results [of my test] and nothing was ever explained to me. But because I was on a high deductible plan, months later I ended up getting bills from the labs for hundreds and hundreds of dollars — totaling up to over $2,000 in out-of-pocket costs," she told Forbes of the defining moment she knew she wanted to fix a problem.
Cheek then began working with certified labs and linked that up with a network of physicians to create her company, bringing at-home tests closer to those who need them to get answers about their health. "While we customize panels with our lab partners, we didn't create new tests or technologies," she explained. "Instead, we've built technology that empowers people to get tests more easily. Our medical director works with the labs to create panels that are already validated and clinically-relevant and understandable for consumers."
Before May 2017, EverlyWell had achieved $5 million in venture capital funding, though Cheek was ready for more. After one of her investors and board members mentioned the company would be a good fit, she turned to "Shark Tank" to expand her company.
EverlyWell landed a seven-figure investment from Lori Greiner
Julia Cheek brought EverlyWell in front of Robert Herjavec, Barbara Corcoran, Mark Cuban, Lori Harvey, and guest Shark, businessperson Rohan Oza, in November 2017 during Season 9. Cheek had a bold proposition for the Sharks too, asking for a whopping $1 million for just 5% equity in her company. But that number was pretty justified, considering she'd already done $2.2 million in sales.
Despite some very impressive numbers, not all the Sharks were willing to invest. Cuban was the first to drop out, telling Cheek he thought the competition would be too great and she would need too much money to make the business work. Corcoran agreed that a lot of investment would be needed to make the business a success, and she too declared herself out. Sadly for Cheek, Herjavec and Oza also made it clear that they wouldn't be investing because of the stream of funding EverlyWell would be needing. In fact, Oza said he believed the company would need tens of millions of dollars injected into it in the years ahead.
But none of that put Greiner off — she was ready to make an offer. Greiner told the entrepreneur she would give the $1 million as a line of credit, but wanted 8% interest in exchange for the 5% equity Cheek was initially offering. And, with that (and very little haggling), a deal was struck.
EverlyWell's investments led to seriously huge success
Speaking to Forbes in 2019, Cheek revealed that Lori Greiner's money had already helped EverlyWell expand in just a few months. "We're extremely excited to be partnering with [Greiner]," she shared. "Her investment will help us roll out more than 12 additional tests this year. We'll also be announcing several big partnerships that will all make our at-home health tests even more accessible and affordable for our consumers." Plus, in addition to getting $1 million from Greiner, EverlyWell also landed a further $50 million in funding in 2019.
And all that funding for EverlyWell only garnered huge results. In an update that aired during Season 11 of "Shark Tank" in March 2020, Cheek explained, "'Shark Tank' put EverlyWell on the map and now we're transforming healthcare in America." She revealed that in the two years since the company appeared on the show, it had done a very impressive $65 million in sales. With Greiner onboard, the company landed in over 2,000 stores across the country, including Target and CVS, and also went through a big rebrand. Greiner herself was very impressed with EverlyWell's growth, admitting during the "Shark Tank" update, "I think EverlyWell is on track to become one of my biggest success stories in 'Shark Tank' history." And she had every right to be excited. Thanks to EverlyWell, Greiner's "Shark Tank" portfolio (which includes the likes of No Mo-Stache and The Sleep Styler) hit a huge $1 billion in retail sales.
EverlyWell is still in business in 2024
As of 2024, EverlyWell is still very much in business and has continued to grow its funding. CB Insights confirmed the last round of funding happened in 2021, when the company secured $75 million. In total, EverlyWell landed a ginormous $225.55 million in funding. It's probably not all too surprising to hear then that in 2021, Bloomberg reported that EverlyWell had acquired PWNHealth and Home Access Health Corp., to be valued at $2.2 billion. With the acquisition, Cheek created the business's parent company, called Everly Health.
And all that funding has led to some major business developments in a short amount of time. EveryWell's official website now offers 34 different testing kits as of February 2024, including kits to test for extremely important health issues such as HIV and colon cancer. It also expanded its offerings, selling vitamin supplements as well as tests. But that's not all! The company has also developed the Everlywell+ membership, which gives clients credit towards tests and money off for a monthly fee.
Julia Cheek is still determined to help others through her business
So, what's next for EverlyWell after seeing so much success already? Speaking to Business Insider (which chose Cheek for its 100 People Transforming Business feature), she revealed that she wants to continue helping others take proper care of their health. "Our goal is how can we help people get tests as cheaply and quickly as possible, driven by technology, so they can get the answers they need," she explained. "And if they never have to leave our ecosystem to get those answers, even better."
Back in 2017, Cheek also shared her big plans for what she wanted from EverlyWell going forward. "We are working harder than ever to bring you more tests, more content, and more cutting-edge services that can enhance your experience with EverlyWell," she shared with Junto Health. And much of that includes supporting other women in the business field and providing positions for women within her company. "I think it's helpful to have a small group of female founders/CEOs that you can connect with in your city — those have been my most valuable relationships. I get great investor and press announcements through that group, and we support one another's requests," she shared.