Australian online healthcare startup Eucalyptus is being acquired by NYSE-listed health and wellness rival Hims & Hers Health in a deal worth US$1.15 billion (A$1.6 billion).<\/p>\n
The online healthcare startup was founded in 2019 and more than trebles its $520 million valuation following a $50 million raise<\/a> in April 2023.<\/p>\n The cap table includes local funds Blackbird,\u00a0 Airtree, Woolworths VC fund W23, OneVentures, Athletic Ventures, and US investor Mary Meeker\u2019s BOND Capital.<\/p>\n Other raises include an $8 million Series A in May 2020, $30m in a Series B<\/a> in July 2021, and $60m in a Series C<\/a> in Jan 2022.\u00a0<\/p>\n Eucalyptus sells medical products online in four key demographic-focused brands: Pilot (men\u2019s health, including weight and hair loss, erectile dysfunction and premature ejaculation); Juniper (women\u2019s weight loss and menopause); Kin (fertility), and Software (prescription skincare).<\/p>\n The startup briefly initially abbled in high-end men\u2019s health in 2024<\/a> before suspending the concept, Compound, and bringing it back last year.<\/p>\n \tGet the best of Startup Daily straight to your inbox<\/p>\n \n Want to know the latest in startup news? Subscribe to our daily news and analysis coverage on what\u2019s happening to ANZ startups, investors and the broader ecosystem. And best of all, it’s FREE! <\/p>\n By continuing, you agree to our\u00a0Terms & Conditions<\/a>\u00a0and\u00a0Privacy Policy<\/a>.<\/p>\n The acquisition includes a US$240 million (A$340m) payment when the deal is closed, then deferred payments in cash or stock over 18 months, plus additional earnout payments based on financial targets through to early 2029.<\/p>\n Eucalyptus currently has an annual revenue run-rate (ARR) north of US$450 million (A$640m) Hims & Hers said, and delivered quarterly triple-digit year-on-year ARR growth in 2025. The startup was not yet profitable, having last posted a A$15.2m after-tax loss in FY2024.<\/p>\n Founder stays<\/p>\n Outspoken Eucalyptus cofounder and CEO Tim Doyle, who\u2019s set to bank around $160 million from the deal, will become the SVP of international at Hims & Hers, overseeing the company\u2019s international business.\u00a0<\/p>\n The acquisition gives the San Francisco-based business access to the Australian and Japanese markets, as well as improving its customer base in the UK, Germany, and Canada.\u00a0<\/p>\n Hims & Hers founder and CEO Andrew Dudum said Eucalyptus will create a diversified international platform for the business<\/p>\n \u201cWith Eucalyptus, we will not only enter new markets, we will expand our ability to serve customers globally, trusting local experts to be a key part of how we transform healthcare into a customer-first, personalized industry,\u201d he said.<\/p>\n \u201cWe believe this puts us on the path to becoming the leading global consumer health platform.\u201d<\/p>\n Doyle said that they spent seven years helping customers around the world find the care that fits them.<\/p>\n \u201cWe believe today\u2019s news will be part of accelerating the movement towards affordable healthcare for everyone,\u201d he said.\u00a0<\/p>\n On LinkedIn Doyle said it was\u00a0a moment to look back and say thank you.<\/p>\n \u201cEucalyptus started seven years ago as a bet that generalist talent from Australia could build a globally competitive consumer healthcare business,\u201d he said.<\/p>\n \u201cIn many ways, this is the achievement of that aspiration.\u201d<\/p>\n Hims & Hers has a market cap around US$3.6 billion (A$5.1bn). Its shares dipped around 2.5% in Thursday trade following the acquisition news.<\/p>\n