The funding will go towards building out the behavioral health and chronic care modules of the platform to support brands in weight management, diabetes, and mental health
SYDNEY, July 13, 2021 /PRNewswire/ -- Australian telehealth platform Eucalyptus has raised a $30 million AUD Series B funding. The funding round was led by Silicon Valley-based NewView Capital, whose portfolio includes digital health companies 23andMe and Hims & Hers, with participation from existing investors Blackbird Ventures and W23, and new investor AirTree Ventures.
Eucalyptus is the largest vertically integrated telehealth platform in Australia, serving more than 200,000 patients. Since its founding in 2019, Eucalyptus has launched four demographic-focused brands that serve contraception and fertility, skincare, men's health and sexual wellness. The company's demographic and condition-specific digital health services provide patients with access to specialized healthcare providers that are well-versed in the issues and care that consumers demand. This new round of funding will allow the company to build out the behavioral health and chronic care modules of the platform to support brands in weight management, diabetes, and mental health.
To comprehensively address the future of behavioral health, Eucalyptus has built one core platform that underpins the operations behind all of their brands, providing a rapidly scalable infrastructure of high-quality healthcare providers, a repository of patient data, remote monitoring tools, and partnerships with pathology labs and pharmacies to drive holistic customer success. This results in a higher touch, higher quality relationship with patients, empowering them to make better health decisions and stay healthier longer.
Leveraging Australia's strong reputation in health and wellness offerings, its growing tech ecosystem, and its similarities to other global healthcare models, Eucalyptus has a massive opportunity to build a comprehensive, demographic-focused digital health portfolio in primary care, in Australia and beyond.
"As Australia's tech ecosystem grows, it's great to see more and more talent moving from professional services to building the next generation of fast-growing tech companies," said Christina Fa of NewView Capital, "we were immediately impressed by the high-quality team Eucalyptus has built and believe the company is well positioned to become a global leader in digital care."
"With Eucalyptus' continued growth throughout Australia, we are thrilled with today's announcement," says founder Tim Doyle, "We're excited to have NewView on board. We wanted a partner who believed a global healthcare company could originate from Australia, who had the experience to help us get there, and were willing to roll up their sleeves to help us advance the business. We believe we've got that with NewView."
With the funding, Ravi Viswanathan, Founder and Managing Partner of NewView Capital, will be joining the Eucalyptus board.
Eucalyptus builds and operates a house of digital healthcare companies. Founded in 2019 by Tim Doyle, Benny Kleist, Alexey Mitko and Charlie Gearside, it is now Australia's largest digital health provider and one of Australia's fastest growing companies. Its growing portfolio of healthcare companies includes Pilot (men's health), Kin (fertility health), Software (prescription skincare) and Normal (sexual wellness). With the raise, Euc plans to build a behavioural health capability and treat more complex conditions. Their HQ is located in Sydney.
About NewView Capital
NewView Capital (NVC) provides entrepreneurs, venture capitalists, and investors with the freedom to drive continual innovation and sustainable growth. With over $2 billion in capital under management, the firm offers flexible-sized direct investments and innovative VC portfolio acquisitions, pairing funding with significant operational support. NVC's direct investments focus on growth-stage technology companies with a thematic approach to investing earlier. The NVC portfolio includes Hims & Hers, 23andMe, Plaid, Duolingo, Forter, MessageBird, and Scopely. www.nvc.vc