Whatever Happened To Everlywell After Shark Tank?
In the wake of Elizabeth Holmes' disastrous, deceptive, and legally destructive foray into the healthcare industry with Theranos (recently dramatized in the Hulu series "The Dropout"), consumers may be understandably apprehensive when they see an ambitious entrepreneur with aspirations of disrupting the multi-billion dollar medical testing space. Everlywell's CEO Julia Cheek, however, may just be the real deal.
Hailing from Austin, Texas, Cheek entered the titular "Shark Tank" in 2018 during the ABC series' 9th season, presenting her product to a panel that consisted of Mark Cuban, Barbara Corcoran, Lori Greiner, Robert Herjavec, and guest investor Rohan Oza. Her company, Everlywell, was seeking $1 million in exchange for 5% equity. Their goal was simple: simplify medical lab tests by making them easily accessible through common retail outlets, providing clear and concise data on their website, and giving consumers the tools to perform tests at home.
Though everyone in the room was impressed, almost all of the Sharks immediately pulled out, citing the outrageous capital that would need to be expended to grow Everlywell. In somewhat of a surprise move, however, Greiner offered Cheek the $1 million as a line of credit in exchange for 5% equity (with an interest rate of 8%). Cheek accepted the offer without countering.
Even the most promising "Shark Tank" deals can fall through after contestants leave the tank, however. In an industry as volatile and competitive as medical tech, was Cheek able to close the deal with Greiner and achieve her goals?
Everlywell becomes Everly Health
After accepting a handshake deal during the taping of her "Shark Tank" episode, Julia Cheek ultimately did come to an official agreement with Lori Greiner, and the two have been in business together ever since. Two years after her first appearance, the series even filmed a follow-up "How It Started" segment on Everlywell for Season 11. According to Cheek herself, Greiner took the company from $2.5 million in sales to $65 million in the brief period of time since her "Shark Tank" episode. Greiner states in the same segment that the company helped her reach $1 billion in retail sales across all of her successful "Shark Tank" investments, which include Scrub Daddy and CordaRoys.
According to the company's own blog, Everlywell's parent company Everly Health was born after they successfully acquired PWNHealth and Home Access Health Corporation. Their tests are available for purchase online or in major retail stores like Target and CVS. Though Cheek implied that she would be open to working with insurance companies during her "Shark Tank" appearance, certain tests are only eligible to be covered via a Health Savings Account as of this writing.