Sydney-headquartered telehealth platform Eucalyptus has recently bagged A$30 million ($22.4 million) in a Series B funding round led by NewView Capital, the Silicon Valley-based investor that also backs digital health firms 23andMe and Hims & Hers. The investing round also saw participation from previous investors Blackbird Ventures and W23, as well as new investor AirTree Ventures.

WHAT IT DOES

Founded in 2019, Eucalyptus creates and operates a telehealth platform housing digital health brands. Its platform provides patients with access to specialised healthcare providers that, according to the company's press release, are "well-versed in the issues and care that consumers demand". Presently, it runs the web platforms of men health's brand Pilot, fertility health firm Kin, prescription skincare provider Software and sexual wellness company Normal.

Serving more than 200,000 patients, the startup claims to be Australia's largest vertically integrated telehealth platform.

WHY IT MATTERS

The startup's latest funds will be deployed for building behavioural health and chronic care modules on its platform to support brands in weight management, diabetes, and mental health.

In a statement, Eucalyptus said it has created a core platform supporting the operations of behavioural health brands. It offers a "rapidly scalable" infrastructure of healthcare providers, a repository of patient data, remote monitoring tools and partnerships with pathology labs and pharmacies.

Along with the funding round announcement, Eucalyptus also reported that Ravi Viswanathan, the founder and a managing partner of NewView Capital, will be joining its board.

THE LARGER TREND

Based on a recent survey, US-based software reviews website Capterra reckoned that the use of telehealth in Australia will likely continue post-pandemic.

According to its report, 92% of over a thousand Australians surveyed were first-time users of telemedicine during the COVID-19 pandemic. Nearly eight in 10 respondents said they would use telemedicine again with half citing the benefit of reduced waiting time. A quarter of them appreciated the minimised risk of getting infected with COVID-19 and 15% valued unrestricted access to diagnosis and prescriptions.

ON THE RECORD

"As Australia's tech ecosystem grows, it's great to see more and more talent moving from professional services to building the next generation of fast-growing tech companies. We were immediately impressed by the high-quality team Eucalyptus has built and believed the company is well-positioned to become a global leader in digital care," Christina Fa, a principal at NewView Capital, said.

"We're excited to have NewView on board. We wanted a partner who believed a global healthcare company could originate from Australia, who had the experience to help us get there and were willing to roll up their sleeves to help us advance the business," Eucalyptus Founder Tim Doyle also commented.