Sydney-based telehealth company Eucalyptus has raised A$60 million ($42 million) in a Series C funding round led by Airbnb and Canva’s first investor BOND.
The funding round also attracted participation from its previous investors, Blackbird, NewView, W23, Airtree, OneVentures and Athletic Ventures.
Eucalyptus operates a telehealth platform housing five units: Pilot focused on men’s health, women’s fertility brand Kin, skincare site Software, sexual health business Normal and menopause service Juniper . Since 2019, it has handled more than 500,000 consultations across all of its divisions.
WHY IS IT IMPORTANT
According to a Newscastthe company is pouring its new funds into software development, as well as its planned UK entry.
The startup is also looking to fill more leadership positions as it moves into international markets. “The team we have assembled gives us the belief that eucalyptus has the potential to go beyond Australia to impact healthcare globally,” he said. in a separate blog post.
THE GREAT TREND
Its latest funding comes on top of AUD$30 million ($22 million) raised from a Series B investment round led by NewView Capital, backer of 23andMe and Hims & Hers. Proceeds from the previous round have been set aside for the creation of behavioral 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 earlier this week that it had signed deals to acquire Visionflex. Their combination will see the creation of a complete and integrated telehealth system for clinicians.
“We’ve seen patients and practitioners around the world rush to embrace tools to help them diagnose, prescribe and administer treatments in a world where in-person medicine has become reserved for hospital settings,” the researchers said. company executives in a blog post.
“Patients around the world have seen significant benefits from this change, with increased access to care when they need it. Practitioners have benefited from simplified planning and follow-up…Yet looking at the of telehealth, we think we’re really just scratching the surface of what’s possible,” they continued.