Telehealth platform Eucalyptus raised a $22.3 million Series B round of funding to construct a digital health portfolio for main care in Australia.
NewView Capital led the round with participation from existing investors Blackbird Ventures and W23, and brand-new investor AirTree Ventures. As part of the financial investment, Ravi Viswanathan, NewView creator and managing partner, will be joining the Eucalyptus board.
The brand-new round provides the Sydney-based company a total of $32.8 million raised because it was established in 2019 by Tim Doyle, Benny Kleist, Alexey Mitko and Charlie Gearside.
Australias health care system is a two-payer model, where many of the care is spent for by the federal government, and there is a smaller sized insurance coverage that is owned by people. Eucalyptus fits into these designs as a private-pay option selling directly to customers. In some cases, the business is able to charge lower copays for care than the typical $25 per medical professional go to, Doyle informed TechCrunch.
He touts the company as the “largest vertically incorporated telehealth platform in Australia,” serving more than 200,000 patients across 4 demographic-focused brand names: contraception and fertility, skin care, guyss health and sexual wellness. Each brand has its own core platform of doctor, patient data repository, remote tracking tools and partnerships with pathology labs and drug stores.
All of that leads to a higher touch and greater quality relationship in between doctor and client, Doyle stated.
” We are seeing an opportunity to reduce the amount of time in between identification of a condition and medical diagnosis,” he included. “We likewise desire to go more in-depth into diabetes, heart conditions and mental health. Individuals are leaving of diabetes and mental care due to the fact that there are not sufficient touch points that are easy to utilize. If we can build a hub, it will make it easier to treat those conditions.”
In addition to item advancement, the new financing enables Eucalyptus to build toward being a significant player in the telehealth market. The company will introduce new brands in the next year around chronic care like behavioral health, weight management and diabetes.
Eucalyptus grew its income in between 200% to 300% year over year since 2019, Doyle said. This is not unlike other startups in the digital health sector, where 2020 saw another record year for equity capital financial investment. He anticipates comparable growth in 2021, consisting of including about 20 staff members to be over 100 by the end of the year.
Meanwhile, Doyle said he is thrilled to deal with NewView, particularly with Viswanathan and primary Christina Fa, who said Eucalyptus is showing that Australia can lead in digital health care.
“It is special being based in Australia where they dont have Teledoc and other digital health business. Instead, Eucalyptus had to build all of that internal and do the difficult work upfront.
Eucalyptus grew its earnings between 200% to 300% year over year considering that 2019, Doyle stated. “It is unique being based in Australia where they do not have Teledoc and other digital health companies. Rather, Eucalyptus had to construct all of that in-house and do the difficult work upfront. In addition, they curated a network of health companies and four brands, each with their own personalities.