Costello leads Portfolia into at-home testing kit developer EverlyWell
Trish Costello, founder and CEO of Portfolia, leads two of the firm’s funds into a sizable new round for EverlyWell, a developer of at-home lab testing kits whose founder and CEO is Julia Cheek. EverlyWell is also a portfolio company of Lisa Cuesta, a vice president with NextGen Venture Partners, and SoGal Ventures, whose founding partners are Elizabeth Galbut and Pocket Sun.
Based in Austin, Texas, EverlyWell raised $175 million in Series D financing from a group, which in addition to Portfolia includes BlackRock, The Chernin Group, Foresite Capital, Greenspring Associates, Lux Capital, Morningside Ventures and existing investors Goodwater Capital, Highland Capital Partners and Next Coast Ventures. EverlyWell has now raised $250 million, $225 million of which has come in 2020.
The company offers a suite of regulatory-compliant, physician-mediated lab tests that can be ordered and collected by consumers without leaving home. In May, it received FDA emergency use authorization for its COVID-19 Test Home Collection Kit. Since launching in 2016, the company has had more than 1 million people use its tests and digital platform to manage their health and wellness. The company offers 35 different at home-home tests, including sexual health, thyroid, metabolism, men’s health and breast milk DHA testing. They are sold at more than 10,000 retailers, including Target, Walgreens, CVS and Kroger. EverlyWell also offers an independent physician consult and prescription.
Julia started the company after numerous bad experiences with diagnostic tests. She was previously head of global strategy and corporate development for MoneyGram International.
Portfolia, which raises funds largely from women, invested in EverlyWell through its Active Aging & Longevity Fund and its second FemTech Fund. In a blog post, Trish said “financing opportunities with a rapidly scaling company like EverlyWell are rarely accessible to smaller VC firms. We are proud that our network and reputation paved the way for this opportunity.”