NewView leads Series B for Australia's Eucalyptus

Local investors Blackbird Ventures, W23, and AirTree Ventures also participated, as did digital health businesses 23andMe and Hims & Hers, which are both NewView portfolio companies. Blackbird and W23 joined an $8 million Series A last year, according to AVCJ Research.

Eucalyptus claims to be the largest vertically integrated telehealth platform in Australia, serving more than 200,000 patients with four demographic-focused brands across contraception and fertility, skincare, men's health, and sexual wellness. The company describes its services as demographic and condition-specific, with a focus on providing access to specialized healthcare providers.

The new funding will help build out the platform’s behavioral health and chronic care modules, which in turn support brands in weight management, diabetes, and mental health. The company added that there is significant potential to expand operations beyond Australia, flagging the country’s strong reputation in health and wellness offerings and compatibility between local and global healthcare models.

“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,” Tim Doyle, founder of Eucalyptus, said in a statement. “We believe we've got that with NewView."

NewView spun out from New Enterprise Associates (NEA), raising $1.3 billion for its first fund in late 2018 and acquiring a portfolio of companies across four NEA funds. It claims to match late-stage funding with significant operational support and the patience to let companies develop on their own timelines. Capital under management currently stands at about $2 billion.

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• Topics
• Australasia
• Healthcare
• Early-stage
• Technology
• Australia
• Blackbird Ventures
• AirTree Ventures
• TMT