Online medical treatment platform Eucalyptus has raised $50 million in a follow-on venture capital round less than 16 months after raising $60 million in a Series C round.
The funding has been committed following strong sales generated by women’s weight loss program Juniper and despite concerns raised about such programs by the Royal Australian College of General Practitioners. The Juniper program screens women for suitability using an online text-based consultation with a doctor. Qualifying patients are then put on a “weight reset program” that targets metabolism and overhauls hunger signals to help lose 10-15% of body weight in 12 months. This includes personalised health guidance and follow-up medical consultations and may include prescriptions for the injectable drug Saxenda.
Investors in the round include Mary Meeker’s San Francisco-based BOND Capital, Blackbird Ventures and Woolworths W23 fund, all of which contributed to the Series C round.
Launched in 2019, Eucalyptus’ other online telehealth offerings are men’s health brand Pilot, which focuses on combating hair loss, erectile disfunction treatment and weight loss; women’s health service Kin, which provides contraceptive pills; and personalised skincare service Software.
The new funding is expected to be used to promote the Juniper program in European markets.
Eucalyptus is believed to be a long way from reaching break even and a year ago cut its staff by about a third to reduce its cash burn.
Sydney-based Eucalyptus is led by chief executive and co-founder Tim Doyle. The company’s other co-founders are Benny Kleist, Charlie Gearside and Alexey Mitko.
Image: Eucalyptus co-founders Benny Kleist, Charlie Gearside, Tim Doyle and Alexey Mitko.