Three months after raising $160M, Ajayi's Cityblock Health raises an additional $192M

From our Women's PE Briefs - week commencing March 29, 2021

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Cheek's Everlywell makes a pair of acquisitions and changes its name to Everly Health

EverlyWell, the venture-backed developer of at-home lab testing kits whose founder and CEO is Julia Cheek, makes a pair of acquisitions and takes on a slightly new name. EverlyWell is now known as Everly Health after acquiring PWNHealth and Home Access Health.

PWNHealth is a telehealth network and provider of diagnostic testing. It will be known as Everly Health Solutions. Home Access utilizes easy-to-use, self-collected lab tests to inform consumes about their health. It will be a subsidiary of Everly Health. The combined company will seek to provide high-quality diagnostic care with a user-first experience. Terms were not disclosed.

Everly Health has raised $325 million, $300 million of which has come during the past year. It is a portfolio company of Lisa Cuesta, a vice president with NextGen Venture Partners; SoGal Ventures, whose founding partners are Elizabeth Galbut and Pocket Sun; and Portfolia, whose founder and CEO is Trish Costello. Others that have backed the company include HealthQuest Capital, BlackRock, The Chernin Group, Foresite Capital, Greenspring Associates, Lux Capital, Morningside Ventures, Goodwater Capital, Highland Capital Partners and Next Coast Ventures.

Austin-based Everly Health 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. Everly Health also offers an independent physician consult and prescription.

Julia started EverlyWell after numerous bad experiences with diagnostic tests. She was previously head of global strategy and corporate development for MoneyGram International.

Morisset's Eliem Therapeutics launches

A well-financed company co-founded by Valerie Morisset launches in its quest to develop therapies to treat conditions that cause deep suffering for tens of millions of people. Eliem Therapeutics, Inc., which has raised $80 million since its founding in 2019, aims to develop and commercialize therapies treating neuronal excitability disorders such as chronic pain, depression, epilepsy and anxiety. The Seattle and Cambridge, England company is backed by RA Capital Management, Access Biotechnology and Intermediate Capital Group.

Eliem currently has an asset being evaluated in Phase 2a trials for chronic sciatica and diabetic peripheral neuropathic pain and another asset being evaluated in Phase 1 studies for major depressive disorder, hormone-related mood disorders and focal onset seizures.

Valerie founded Eliem with Bob Azelby, who is president and CEO. Valerie serves as executive vice president, R&D and chief scientific officer. She is also a senior advisor to Bridge Valley Ventures. Previously, Valerie was head of biology and translational medicine with Convergence Pharmaceuticals, Ltd.

Eliem’s board includes Judith Dunn, president of research and development, Fulcrum Therapeutics, and Leone Patterson, president and chief financial officer, Adverum Biotechnologies.

Tingle and DuBoise's Sakara Life secures $15M in funding

A wellness and lifestyle program founded by Whitney Tingle and Danielle DuBoise lands Series B financing. Sakara Life secured $15 million from Silas Capital and angels John Replogle and Bob Mylod. It raised a $4.8 million Series A round in 2015. Sakara sold approximately 2 million meals in 2020 and is expecting to generate $150 million in revenue in 2021.

LDC gallops into Lemieux's LeMieux

UK private equity firm LDC gallops into an equestrian brand founded by Lisa Lemieux and her husband, Robert. The amount invested by LDC in LeMieux was not disclosed.

Originally known for its saddle pads, LeMieux has expanded into most areas of equestrian equipment as well as premium rider wear and accessories. The brand is sold via more than 500 traditional and online retailers in 69 countries and through its own website.

Founded in 2004, LeMieux is on track to generate revenue of more than 22 million pounds in 2021. The capital will be used to accelerate growth in the United Kingdom and overseas and expand its horse wear and rider wear offering.

Peri's Yoppie lands 2.2M pounds of additional seed funding

A subscription-based, organic period care and PMS solutions provider founded by Daniella Peri raises capital. Yoppie landed 2.2 million pounds of additional seed funding from Vostock New Ventures and Colle Capital. It has now raised a total of 3.4 million pounds.

Yoppie is utilizing smart tech to enable women to not only customize and manage their menstrual care, but also to better educate themselves while they do it. Daniella launched Yoppie in 2016 after seeing a gap in the menstrual care market for easily accessible, high quality, organic period care products that could be delivered directly to consumers on a subscription basis. The company started with an organic cotton tampon and expanded to offer pads and liners as well symptom-targeted PMS supplements.

Three months after raising $160M, Ajayi's Cityblock Health raises an additional $192M

Cityblock Health, an urban health care company co-founded by Dr. Toyin Ajayi, continues to attract capital. Some three months after raising $160 million in Series C funding, the New York company has raised another $192 million in additional Series C funding from Tiger Global and existing investors General Catalyst, Wellington Management, Kinnevik AB, Maverick Ventures, Thrive Capital, Echo Health Ventures, 8VC, Goldman Sachs Asset Management and Redpoint Ventures. The round that Cityblock did in December valued it at $1 billion. The company has now raised $460 million.

Cityblock is seeking to build scalable solutions to address the unmet health and social needs of Medicaid and Medicare populations. Unlike traditional health systems, the vast majority of Cityblock services are delivered in homes or other non-clinical settings; some in-person, and others digitally. It currently provides care to 70,000 members in four major U.S. metro areas.

Toyin, who is Cityblock’s chief health officer, founded the company in 2017 with Iyah Romm, who is CEO.

Yang's Qihan Biotechnology raises $67M

Investors provide additional capital to a Chinese company founded and led by Luhan Yang that is applying multiplexable genome editing technology to cell therapies and organ transplantation. Qihan Biotechnology Co., Ltd. raised $67 million in Series A++ financing from Lilly Asia Ventures, Matrix Partners China and existing investors Sequoia Capital and CMB International.

Hangzhou, China-based Qihan is focused on developing a cost-effective cell therapy that avoids immune rejection. Qihan will use the capital to advance its pipeline of novel cell therapies in IND-enabling studies and hypoimmunity projects.

Luhan previously co-founded and served as president of eGenesis and is co-inventor of CRISPR-Cas9 technologies.

Baranwal's Elevate K-12 secures strategic funding from Arsenal Growth Equity

An ed-tech company founded and led by Shaily Baranwal secures strategic funding from a growth equity firm. The amount invested by Arsenal Growth Equity in Elevate K-12 was not disclosed.

Based in Chicago, Elevate K-12 brings live streaming instruction into K-12 classrooms. The company’s platform includes proprietary live instructional management technology, live instruction service, curriculum and classroom management to provide necessary tools for collaborative teaching and transforming the traditional classroom. Elevate K-12 currently operates in more than 15 states.

CapVest Partners to sell Walker-led Eight Fifty Food

Eight Fifty Food Group, whose CEO is Di Walker, is being sold by its private equity owner. Terms of CapVest Partners’ sale of Eight Fifty to Sofina Foods, Inc. were not disclosed.

Eight Fifty was formed in 2019 when CapVest acquired Young’s Seafood and combined it with Karro Food Group, a UK pork processor that it purchased in 2017. Eight Fifty has since acquired five other protein businesses across Europe and employs 8,300 people across 23 manufacturing sites. It generates more than 2 billion pounds in annual sales. Di will continue to run the business following the acquisition. Sofina is one of Canada’s largest food producers.

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