Eucalyptus Acquisition, Valuation, Funding & Investors

Eucalyptus was acquired by Hims & Hers for $1.1B in February 2026, a 2.6x multiple on $450M of revenue.

Eucalyptus acquisition price

$1.1B

Acquired by Hims & Hers · Feb 2026

Eucalyptus revenue at acquisition

$450M

Last twelve months · Feb 2026

Eucalyptus revenue multiple at acquisition

2.6x

EV/Revenue · Feb 2026

Cumulative funding Eucalyptus raised

$120M

across 4 funding rounds

Eucalyptus Overview

About Eucalyptus

Eucalyptus is a Sydney-based telehealth platform, founded in 2019, that provides vertically integrated digital health services across primary care, behavioral health, and chronic conditions such as weight management and diabetes in Australia. It runs multiple consumer health brands, including Pilot (men's health), Kin (women's fertility), Software (skincare), Normal (sexual health), and Juniper (menopause), each curating its own network of providers and owning the customer journey from consultation through pharmacy fulfillment. The company is a private-pay option within Australia's healthcare system and has expanded into the UK market.


Founded

2019

HQ

AustraliaAustralia

Status

Acquired

Customer focus

B2C

Revenue model

Services

Revenue

$450M (Feb 2026)

Valuation

$560M (Apr 2023)

Eucalyptus Acquisition

Eucalyptus was acquired by Hims & Hers for $1.1B on 19 February 2026.

The acquisition price implies a 2.6x revenue multiple on $450M of revenue.

Before the acquisition Eucalyptus had raised $120M across 4 funding rounds.

Eucalyptus acquisition details
AcquirerDateTypePriceEV/Revenue
19 Feb 2026Strategic M&A$1.1B2.6x

Eucalyptus Valuation

Eucalyptus is currently valued at $560M, based on its Series C in April 2023.

The $50M round included Blackbird Ventures, Marbruck, W23 and Bond.

Eucalyptus valuation by funding round

Eucalyptus valuation by funding round
DateStageValuation
Apr 2023Series C$560M

Eucalyptus Funding History

Eucalyptus has raised a total of $120M across 4 funding rounds.

Eucalyptus' first fundraising round was a $5M Series A in May 2020. The most recent completed round was a $50M Series C in April 2023.

Eucalyptus funding rounds

Eucalyptus funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2023Series CBlackbird Ventures; Marbruck; W23; Bond$50M$560MEucalyptus is an Australian digital health startup offering an online prescription model. In April 2023, the company raised $50 million in a funding round led by high-profile investors including Blackbird Ventures, Bond Capital, and Woolworths' W23 venture arm, with the round establishing a post-money valuation of $560 million. This funding round occurred during a challenging fundraising environment, demonstrating investor confidence in Eucalyptus' business model. The company has subsequently been involved in acquisition discussions, with potential earnout payments of up to USD200 million contingent on meeting specified financial targets, indicating significant revenue or performance expectations.
Jan 2022Series CBond (lead); OneVentures; NewView Capital; Blackbird Ventures; Athletic Ventures; W23; Airtree Ventures$42M-Eucalyptus is a Sydney-based telehealth platform founded in 2019 that operates five distinct health-focused brands: Pilot (men's health), Kin (women's fertility), Software (skincare), Normal (sexual health), and Juniper (menopause). By the time of its Series C funding, the company had served over 500,000 consults across its divisions and had assembled a team positioned for global expansion beyond Australia. The Series C round, led by early-stage investor BOND (known for backing Airbnb and Canva), drew participation from previous investors including Blackbird, NewView Capital, W23, Airtree, OneVentures, and Athletic Ventures, with proceeds directed toward software development and UK market entry. In October 2024, Eucalyptus was valued at $711 million and was close to raising $190 million in additional funding. On March 20, 2026, Hims & Hers announced an acquisition of Eucalyptus for up to $1.15 billion, with approximately $240 million in cash at closing and the remainder through deferred payments over 18 months, pending regulatory approvals. At the time of the acquisition announcement, Eucalyptus maintained an annual revenue run-rate exceeding $450 million USD and had served more than 775,000 customers while receiving accreditation from the Australian Council on Healthcare Standards.
Jul 2021Series BNewView Capital (lead); Blackbird Ventures; W23; Airtree Ventures$22M-Eucalyptus is a Sydney-based telehealth platform providing vertically integrated digital health services for primary care, behavioral health, chronic conditions like weight management and diabetes, and mental health in Australia. Founded in 2019 by Tim Doyle, Benny Kleist, Alexey Mitko, and Charlie Gearside, it operates as a private-pay option in Australia's two-payer healthcare system, often offering lower copays than the average $25 doctor visit. The company curates a network of health providers across four brands, owns the customer journey, and supports scalable infrastructure including patient data repositories, remote monitoring, and pharmacy partnerships. In July 2021, Eucalyptus raised A$30 million ($22.3-22.4 million USD) in a Series B round led by NewView Capital, with participation from Airtree Ventures (new), Blackbird Ventures, and W23 (existing). NewView's Ravi Viswanathan joined the board. This brought total funding to $32.8 million. Funds were allocated to build behavioral health and chronic care modules. At the time, Eucalyptus served over 200,000 patients as Australia's largest vertically integrated telehealth platform and employed around 80 people, planning to reach 100 by year-end. The company reported more than tripling revenue from the prior year and expected similar growth in 2021, amid a digital health investment boom. Subsequent rounds included a January 2022 Series C of A$60 million at A$450 million valuation led by BOND, an April 2023 growth round of $50 million at $560 million valuation, and a 2026 acquisition by Hims & Hers at $1.6 billion with over $450 million annual revenue run rate.
May 2020Series AW23 (lead); Blackbird Ventures; Daniel Gulati$5M--

Who has invested in Eucalyptus?

9 investors have backed Eucalyptus across its funding rounds, including Blackbird Ventures, W23, Airtree Ventures, Bond, NewView Capital and OneVentures.

Lead investors include Bond, NewView Capital and W23.


Eucalyptus Investors

Investors in Eucalyptus by funding rounds participated
InvestorHQRoundsRoleFirst check
Blackbird VenturesAustraliaSydney4ParticipantMay 2020
W23AustraliaSydney4LeadMay 2020
NewView CapitalUnited StatesSan Francisco, CA2LeadJul 2021
BondUnited StatesSan Francisco, CA2LeadJan 2022
Airtree VenturesAustraliaSydney2ParticipantJul 2021
OneVenturesAustraliaSydney1ParticipantJan 2022
Athletic VenturesAustraliaSydney1ParticipantJan 2022

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Investments by Eucalyptus

Eucalyptus has invested in 1 company to date.

Latest investment by Eucalyptus was on November 7th 2022. Eucalyptus invested in Sauce in their $2M Seed round.


Latest Investments by Eucalyptus

Sauce
Description
Sauce is an AI-powered product impact engine that automates personalized insights for product teams to drive adoption and revenue. It serves fast-growing companies such as Atlassian, Linktree, Whatnot, Incident.io, Tracksuit, Secure Code Warrior, and Eucalyptus.
HQ CountryAustralia
HQ City
Sydney
Deal Date7 Nov 2022
RoundSeed
Raised$2M
InvestorsUltraviolet Ventures; Blackbird Ventures; Tamir Triguboff; Archangel Ventures; SafetyCulture; Earlywork; Minnow; Respondent; Airtree Ventures
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Eucalyptus Competitors

Eucalyptus competitors include listed companies like Nyxoah and Kooth, and private ones like Hims & Hers, Calibrate, Forward and Midi Health.

Public and private companies comparable to Eucalyptus
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Hims & HersUnited StatesSan Francisco, CAPrivate--$1.1B-
CalibrateUnited StatesNew York City, NYPrivate$21M-$1.3B61.9x
ForwardUnited StatesSan Francisco, CAPrivate--$1B-
Midi HealthUnited StatesLos Angeles, CAPrivate$150M-$1B6.7x
NyxoahBelgiumBelgiumPublicly listed$12M($97M)$162M3.2x
KoothUnited KingdomUnited KingdomPublicly listed$85M$13M$90M0.7x

Eucalyptus Public Comps

Eucalyptus is no longer listed, but its public comps include Teladoc, GoodRx, Helus Pharma, Talkspace, Sphere, JMDC, Ping An Healthcare, Alignment Healthcare, Guiyang Longmaster and Medley Inc..

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Teladoc$2.5B$124M0.6x0.6x11.3x5.0x
GoodRx$797M$173M1.8x1.8x8.1x5.5x
Helus Pharma-($153M)--(5.4x)(4.8x)
Talkspace$229M$6M3.4x3.4x129.3x49.4x
Sphere$70M$6M14.3x6.9x156.3x103.0x
JMDC$324M$88M5.0x4.6x18.4x17.9x
Ping An Healthcare$815M$52M0.9x0.9x13.4x16.9x
Alignment Healthcare$3.9B$45M0.4x0.3x31.6x10.0x

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Common questions about Eucalyptus

When was Eucalyptus founded?Eucalyptus was founded in 2019.
Where is Eucalyptus headquartered?Eucalyptus is headquartered in Australia.
Is Eucalyptus publicly listed?No, Eucalyptus was acquired by Hims & Hers in February 2026.
Who acquired Eucalyptus?Eucalyptus was acquired by Hims & Hers in February 2026.
How much was Eucalyptus acquired for?Eucalyptus was acquired for $1.1B in February 2026, a 2.6x revenue multiple.
What is Eucalyptus' valuation?Eucalyptus was last valued at $560M in its Series C in April 2023.
How much funding has Eucalyptus raised?Eucalyptus has raised $120M across 4 funding rounds.
What was Eucalyptus' last funding round?Eucalyptus' last funding round was a $50M Series C in April 2023.
Who are Eucalyptus' investors?Eucalyptus' investors include Blackbird Ventures, W23, NewView Capital, Bond, Airtree Ventures, OneVentures, Athletic Ventures, Daniel Gulati and Marbruck.
Which companies are comparable to Eucalyptus?Companies comparable to Eucalyptus include Hims & Hers, Calibrate, Forward, Midi Health, Nyxoah and Kooth.
How many companies has Eucalyptus invested in?Eucalyptus has invested in 1 company, including Sauce.
What was Eucalyptus' last investment?In November 2022, Eucalyptus invested in Sauce's $2M seed round alongside Ultraviolet Ventures, Blackbird Ventures, Tamir Triguboff and 6 other investors.

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