Started by entrepreneur, Julia Cheek, EverlyWell is a company that provides testing kits for customers that can conveniently be used at home. The concept of the business is really great, but the sharks were a little concerned when they heard that Julia is seeking an investment of $1 million for just 5% equity. Let’s see whether she was able to strike a deal during Season 9 of
Shark Tank EverlyWell Update
- Entrepreneurs: Julia Cheek
- Business: Lab Testing
- Ask: $1,000,000 for 5% equity
- Result: $1,000,000 line of credit at 8% interest rate in exchange for 5% equity
- Sharks: Lori Greiner
The average test kit on EverlyWell’s platform costs between $100 and $300 and Julia expressed to the sharks that it was generally more convenient and affordable for customers to purchase home testing kits from her website rather than visiting a doctor’s office in person.
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EverlyWell had more than $2.5 million in product sales and continues to have a 20% growth rate every single month. The company is expected to reach projections above $5 million in gross revenue and product sales if nothing changes. With an optimistic projection for the next calendar year, Julia believes her company could reach $12 million in gross sales as well.
While four of the sharks dropped out, Lori Greiner decided to make an offer of $1 million in exchange for 5% equity on the contingency that the money offered would be a loan at 8% interest per year until it is returned fully. Julia thought about making a counteroffer but ultimately decided to accept Lori’s initial offer.
Now that we know that Lori and Julia agreed to an initial deal on
The company benefited from the COVID-19 pandemic by creating home testing kits. The company has done outstandingly well since then and currently has a valuation in excess of $750 million dollars.
There’s no doubt that EverlyWell could be one of the best-performing investments on
We can’t wait to see where our next EverlyWell update takes us!
You can find the other company updates from Season 9 Episode 12 here:
Don’t forget to take a look at our Season 9 products page! We’ve got more company updates from