Entrepreneur Julia Cheek pitched her lab testing company during
If you’re short on time, here’s a quick overview of what happened to EverlyWell after
Julia Cheek appeared on
|Accepted deal for a $1,000,000 line of credit at 8% interest rate, in exchange for 5% equity
Shark Tank EverlyWell Update
- Entrepreneurs: Julia Cheek
- Business: At-home 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
Founder of EverlyWell, Julia Cheek, entered
This Sleep & Stress Test helps you check into fluctuations of 3 vital hormones needed for a restful night's sleep and may help you determine why you've been struggling with sleep lately, all from the convenience of home.
In fact, she started her company because she personally spent months trying to solve a health problem that ended up being a common hormone imbalance. Ultimately, she had to take a lot of tests, which in the end, cost her a lot of time and money.
In the end, she was left with unexpected lab bills and results that she didn’t understand. This is when she determined to create a better way.
The average test kit costs between $100 and $300. 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.
EverlyWell has more than $2.5 million in product sales and continues to have a 20% growth rate every single month. Further, she expects to hit $5 million in gross revenue and product sales in the near future.
With an optimistic projection for the next calendar year, Julia believes her company could eventually reach $12 million in gross sales as well.
Although, Mark Cuban believes it will take too much money, and that there will be too much competition. For these reasons, he is out.
Likewise, Barbara Corcoran is concerned that the company will require constant re-development. She also thinks it will take too much money, so she is out next.
Robert Herjavec is frustrated with the high cost of health care in America, and although this could be a solution, it’s not for him. He is out next.
Guest shark Rohan Oza believes in what Julia is doing. However, as other sharks pointed out, he says it will take several million dollars to accomplish success, so he is out.
Lori Greiner decides to make an offer of $1 million in exchange for 5% equity, however, the deal includes a contingency. The money offered will be a loan at 8% interest per year until it is returned fully.
Julia thinks about making a counteroffer but ultimately decides to accept Lori’s offer.
Do you think Julia and Lori were able to grow the company following
As it turns out, the company benefited from the COVID-19 pandemic by creating home testing kits. EverlyWell has done outstandingly well since then, will lifetime sales of $1.1 billion.
In addition, the company has an annual revenue of $59.9 million and has created home testing kits for all sorts of things.
In March 2021, EverlyWell acquired PWN Health and Home Access Health Coprs for an undisclosed amount. Bloomberg now estimates that EverlyWell is worth $2.9 billion!
There’s no doubt that EverlyWell is one of the best-performing investments in
It’s undoubtedly one of Lori Greiner’s best-ever investments on
You can check out the different lab kits available on the EverlyWell website, and also on Amazon.
Before you go, be sure to check out our other company updates from Season 9 Episode 12 by following the links below!
For even more on companies and products, be sure to stop by our Season 9 products page!
Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!