Bond leads $43m Series C for Australia's Eucalyptus
Bond, a US-based technology investment firm established by Silicon Valley stalwart Mary Meeker, has led a AUD 60m (USD 43m) Series C round for Australian telehealth platform Eucalyptus.
There were re-ups from existing investors Blackbird Ventures, NewView Capital, AirTree Ventures, OneVentures, W23, and Athletic Ventures. NewView led Eucalyptus’ AUD 30m Series B last year, with participation from two of its portfolio companies – digital health players 23andMe and Hims & Hers – as well as from Blackbird, W23, and AirTree.
Blackbird and W23 provided USD 8m in Series A funding in 2020, a year after the company was founded in a single room in Sydney by Tim Doyle, Benny Kleist, Alexey Mitko, and Charlie Gearside.
Eucalyptus claims to be the largest vertically integrated telehealth platform in Australia, having handled more than 500,000 consultations. It operates five brands for contraception and fertility, skincare, men's health, sexual wellness, and menopause treatment. The company describes its services as demographic and condition-specific.
“Much like the Zoom meeting was the first step into a new mode of working, the shift of GP [general practitioner] consults onto video calls was very much the basic replication of an in-person experience in the digital world. It will be looked back on as a very 'day one' version of a global shift to a digital-first mode for patient care,” Eucalyptus said in a statement.
Its vision of the future is high touch, high-quality interactions with practitioners from across medical fields who can help patients manage chronic conditions and eradicate avoidable lifestyle diseases. At present, the company concentrates on conditions such as obesity, heart disease, and mental health.
Eucalyptus added that it chose to work with Bond – which has also backed design and workplace collaboration platform Canva in Australia – because the investor “believed that our model could change lives globally.” A portion of the new funding will be used to drive the company’s global ambitions, with expansion into the UK on the agenda.
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