Eucalyptus, an operator of telehealth platform, has raised A$30 million (~$22.4 million) in a Series B funding round.
The funding round was led by Silicon Valley-based NewView Capital, with participation from existing investors Blackbird Ventures and W23 and new investor AirTree Ventures.
With the funding, Ravi Viswanathan, Founder and Managing Partner of NewView Capital, will be joining the Eucalyptus board.
Since its founding in 2019, Eucalyptus has launched four demographic-focused brands Pilot (men’s health), Kin (fertility health), Software (prescription skincare), and Normal (sexual wellness), and serving more than 200,000 patients.
The company’s condition-specific digital health services provide patients with access to specialized healthcare providers.
According to the company, the funding will support building out its behavioral health and chronic care modules to support brands in weight management, diabetes, and mental health.
“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.”
Telehealth emerged as the most funded category in digital health during the first quarter of 2021, receiving a total of $2.4 billion, according to the recently released Mercom’s Q1 2021 Digital Health Funding and M&A Report. In a similar deal, Bicycle Health, a virtual care startup providing evidence-based opioid use disorder (OUD) treatments, raised $27 million in a Series A funding round led by Questa Capital.