Eucalyptus raises $60 million in Bond-led Series C round

Sydney healthcare startup Eucalyptus has raised another $60 million in a Series C funding round led by San Francisco-based venture capital firm Bond.

“Though we’ve been building since 2019, telehealth has truly been thrust into the global spotlight over the last two years,” Eucalyptus CEO Tim Doyle said in a blog post announcing the Series C.

“We’ve seen patients and practitioners across the globe rush to adopt tools that allow them to diagnose, prescribe and deliver treatments in a world where in-person medicine has become reserved for hospital environments.

“Patients across the world have seen significant benefits from this shift, with increased access to care when they need it. Practitioners have benefited from simplified scheduling and follow-up.”

The latest funding round adds to the $30 million Eucalyptus raised in mid-2021.

Eucalyptus has built out its core healthcare platform into five brands that cover different demographics and medical conditions all built around using online quizzes and text-based consultations to offer personalised services.

Thus far Eucalyptus has focused on conditions that benefit from the discretion afforded to users by online forms and chat functions.

The Pilot brand is for men’s health issues such as erectile dysfunction; Kin sells fertility treatments as well as prescriptions for the contraceptive pill; Software delivers personalised skincare products; Juniper offers consultation for women going through menopause; and Normal sells sex toys.

Doyle said the platform is all about providing continuity of care across different areas of the health system.

“At Eucalyptus, we believe that high touch, high quality interactions with connected practitioners from across medical fields are the key to helping patients manage chronic conditions, and eradicating avoidable lifestyle diseases,” he said.

“The ability to – within a single platform – collect data, meet with practitioners, receive medications, track results and follow-up with the same (or new) practitioners is a level of care that the health system has aspired to.

“But a system like this has been impossible, due to conflicting priorities and fragmentation between parts of the healthcare system.”

Eucalyptus boasts having 200 staff across its five brands which operate out of the company’s offices in the heart of Sydney.

As it capitalises on the funding from US venture capitalists, the startup is continuing to grow its workforce and is currently advertising for 40 roles including six in software engineering, new marketers and medical staff, as well team leaders for Eucalyptus UK as it expands into international markets.