Australian on-line healthcare startup Eucalyptus is being acquired by NYSE-listed well being and wellness rival Hims & Hers Well being in a deal value US$1.15 billion (A$1.6 billion).
The web healthcare startup was based in 2019 and greater than trebles its $520 million valuation following a $50 million raise in April 2023.
The cap desk contains native funds Blackbird, Airtree, Woolworths VC fund W23, OneVentures, Athletic Ventures, and US investor Mary Meeker’s BOND Capital.
Different raises embody an $8 million Collection A in Could 2020, $30m in a Series B in July 2021, and $60m in a Series C in Jan 2022.
Eucalyptus sells medical merchandise on-line in 4 key demographic-focused manufacturers: Pilot (males’s well being, together with weight and hair loss, erectile dysfunction and untimely ejaculation); Juniper (ladies’s weight reduction and menopause); Kin (fertility), and Software program (prescription skincare).
The startup briefly initially abbled in high-end men’s health in 2024 earlier than suspending the idea, Compound, and bringing it again final yr.
The acquisition features a US$240 million (A$340m) fee when the deal is closed, then deferred funds in money or inventory over 18 months, plus further earnout funds based mostly on monetary targets by means of to early 2029.
Eucalyptus at present has an annual income run-rate (ARR) north of US$450 million (A$640m) Hims & Hers mentioned, and delivered quarterly triple-digit year-on-year ARR progress in 2025. The startup was not but worthwhile, having final posted a A$15.2m after-tax loss in FY2024.
Founder stays
Outspoken Eucalyptus cofounder and CEO Tim Doyle, who’s set to financial institution round $160 million from the deal, will turn into the SVP of worldwide at Hims & Hers, overseeing the corporate’s worldwide enterprise.
The acquisition provides the San Francisco-based enterprise entry to the Australian and Japanese markets, in addition to enhancing its buyer base within the UK, Germany, and Canada.
Hims & Hers founder and CEO Andrew Dudum mentioned Eucalyptus will create a diversified worldwide platform for the enterprise
“With Eucalyptus, we won’t solely enter new markets, we’ll develop our capacity to serve prospects globally, trusting native specialists to be a key a part of how we remodel healthcare right into a customer-first, customized trade,” he mentioned.
“We imagine this places us on the trail to changing into the main world shopper well being platform.”
Doyle mentioned that they spent seven years serving to prospects around the globe discover the care that matches them.
“We imagine at present’s information shall be a part of accelerating the motion in the direction of inexpensive healthcare for everybody,” he mentioned.
On LinkedIn Doyle mentioned it was a second to look again and say thanks.
“Eucalyptus began seven years in the past as a guess that generalist expertise from Australia may construct a globally aggressive shopper healthcare enterprise,” he mentioned.
“In some ways, that is the achievement of that aspiration.”
Hims & Hers has a market cap round US$3.6 billion (A$5.1bn). Its shares dipped round 2.5% in Thursday commerce following the acquisition information.
