Maker of At-Home Covid Test Seeks Funds at $1 Billion Valuation

(Bloomberg) — Everlywell Inc., a health startup that sells a Covid-19 home-testing kit, is in talks to raise fresh capital at a valuation of $1 billion or more.



a close up of a hand holding a blue object: A doctor wearing surgical gloves holds test tubes containing saliva swabs during coronavirus symptom tests in the outpatient clinic at the Paracelsus Clinic in Zwickau, Germany, on Thursday, April 2, 2020.


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A doctor wearing surgical gloves holds test tubes containing saliva swabs during coronavirus symptom tests in the outpatient clinic at the Paracelsus Clinic in Zwickau, Germany, on Thursday, April 2, 2020.

Prospective investors including venture capital firms are participating in the discussions, according to a person familiar with the matter who asked not to be named. The company reached a valuation of $175 million after a fundraising round last year, according to Pitchbook estimates.

The latest effort, if successful, would vault Everlywell to unicorn status, giving it a lead among niche telehealth startups that are rushing to expand. The global pandemic has been a boon for such companies as patients seek to avoid the risk of visiting a doctor.

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