The Deal
Eucalyptus sold to US rival Hims & Hers for up to $1.6 billion. Initial cash: $240 million. The rest comes via deferred payments and earnouts through early 2029. CEO Tim Doyle, who holds roughly 10% equity, is looking at a $160 million payday.
The four male cofounders (Doyle, Charlie Gearside, Benny Kleist, Alexey Mitko) built a telehealth subscription business across men's health (Pilot), women's weight loss (Juniper), and skincare (Software Skin). ARR hit $640 million. Triple-digit growth. Over 775,000 customers.
The Numbers That Matter
Here's what nobody's talking about: women are 1.7x more likely to use GLP-1 medications than men (15% vs 9% in the US). In Australia, obesity rates are nearly identical (31% men, 32% women). Yet Australian GP data shows women are more likely to use GLP-1s for weight loss without diabetes.
Juniper, the women's weight loss brand, was a major growth driver. The customer base skews female. The revenue came from selling to women. The founding team? Four blokes.
Why It Matters for Sales
Post-acquisition, Doyle joins Hims & Hers as SVP International. Gearside already left in early 2025. No public details on sales team size, CRO, or VP Sales exist because Eucalyptus grew via marketing, not traditional B2B sales structures. Doyle came from Koala's marketing team. Gearside was an art director.
This was a DTC subscription play, not an enterprise sales motion. The lesson: in consumer health tech, marketing expertise and founder narrative matter more than sales org structure when pitching VCs.
The Funding Reality
Eucalyptus raised $50 million in April 2023 at a $520 million valuation. That valuation tripled in under three years. Female founders raising for women's health typically face different questions: "Is the market big enough?" "Will women actually pay for this?"
Data says women-owned startups deliver higher revenue per dollar invested. Yet female founders receive roughly 2% of VC funding globally. In ANZ, the gap persists despite women making up the majority of healthcare consumers and decision-makers.
When Flo (period tracking app, all-male founders) hit unicorn status, the criticism was loud: building for women without women. Eucalyptus sold weight loss subscriptions to women, exited for $1.6 billion, and the gender composition of the founding team barely rated a mention.
Worth noting: representation matters when you're selling subscriptions that target cultural pressure women face around appearance. The product worked. The exit was massive. The question remains: who gets funded to build solutions for women's health, and why does founder gender only matter sometimes?