Everlywell seeking funding at USD 1bn valuation: Bloomberg

Healthcare company Everlywell is in talks to seek fresh funding in a deal that will value the Covid-19 home-testing kit supplier at USD 1.00 billion, a person familiar with the matter told Bloomberg.

According to the source, who asked not to be identified as the situation is still private, the business is in talks with prospective investors, including venture capital firms.

The group reached a valuation of USD 175.00 million after fetching USD 50.00 million via a funding round led by Goodwater Capital last year.

Founded in 2015, Everlywell is building a world where everyone can access insightful and life-changing lab tests.

Every year millions of Americas avoid traditional lab testing due to high costs, unknown costs, lack of convenience or some combination of both.

Over seven billion tests are run annually in the US and such procedures are used in 70.0 per cent of medical diagnoses.

It offers over 30 panels, including tests for fertility, cholesterol, heart health, sexually transmitted disease, testosterone and thyroid.

Everlywell received the go head from the Food and Drug Administration to sell a home coronavirus test that costs USD 109.00.

The company may exceed USD 100.00 million in sales this year, up from USD 40.00 million last year, Bloomberg cited Austin Business Journal.

According to Zephyr, the M&A database published by Bureau van Dijk, there have been 671 deals targeting surgical and medical instrument manufacturers announced worldwide in 2020 to date.

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In the largest of these, China’s MGI Tech has secured USD 1.00 billion in a series B round of funding from GF Xinde Investment Management, among others.

Other targets included bioMerieux, Insulet and Harbin Pacific Biopharmaceutical.

© Zephus Ltd

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