Sydney-based telehealth company Eucalyptus has raised A$60 million ($42 million) in a Series C round led by Airbnb and Canva’s early investor, BOND.
The financing round also drew participation from its previous investors, Blackbird, NewView, W23, Airtree, OneVentures, and Athletic Ventures.
Eucalyptus operates a telehealth platform housing five units: men’s health-focused Pilot, women’s fertility brand Kin, skincare site Software, sexual health business Normal, and menopause service Juniper. Since 2019, it has handled over 500,000 consults across its divisions.
WHY IT MATTERS
According to a news report, the company is infusing its fresh funds into software development, as well as its planned entry into the United Kingdom.
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The startup is also looking to fill in more leadership roles as it heads to international markets. “The team we have assembled gives us conviction that Eucalyptus is capable of going beyond Australia to impact healthcare globally,” it said in a separate blog post.
THE LARGER TREND
Its latest funding adds to the A$30 million ($22 million) raised from a Series B investing round led by 23andMe and Hims & Hers’ backer NewView Capital. The proceeds from the previous round have been set aside for the creation of behavioural health and chronic care modules on its platform to support businesses in weight management, diabetes, and mental health.
In other telehealth news, health booking platform 1st Group announced early this week that it has signed deals to acquire Visionflex. Their combination will see the creation of a comprehensive, integrated telehealth system for clinicians.
ON THE RECORD
“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,” the company’s leaders said in a blog post.
“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… Yet as we look at the state of telehealth, we believe we are really only scratching the surface of what is possible,” they continued.