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.
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.
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
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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!