The Inside Story of Eucalyptus: Tim Doyle on Starting, Scaling and Selling a $1.6 billion business

Fresh off the sale of Eucalyptus to Hims & Hers in a $1.6 billion deal, co-founder Tim Doyle joins Equity Mates to unpack the journey from startup idea to global healthcare platform. He shares what it was really like in the deal room, the early lessons from Koala and digital marketing, how GLP-1 medications transformed the business, why Australia needs better startup infrastructure, and what founders can learn about risk, ambition and building at scale.

In this episode:

00:00 – The $1.6 billion exit and signing day chaos

02:49 – Why Eucalyptus decided to sell

10:31 – The origins of Eucalyptus and early startup lessons

17:54 – Good businesses, bad businesses and portfolio thinking

26:34 – Building telehealth amid industry criticism

30:52 – How GLP-1s changed everything

40:53 – AI, startups and the next technology wave

47:50 – ESOPs, startup talent and the future of Australia’s ecosystem

ETFs and Stocks mentioned: Meta Platforms (NASDAQ: META), Alphabet (NASDAQ: GOOGL), Eli Lilly (NYSE: LLY), Novo Nordisk (NYSE: NVO), Amazon (NASDAQ: AMZN), Netflix (NASDAQ: NFLX), Atlassian (NASDAQ: TEAM), Woolworths Group (ASX: WOW)

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This podcast is intended for education and entertainment purposes only. Any advice is general advice and has not taken into account your personal financial circumstances. Before acting on general advice, you should consider if it is relevant to your needs. If unsure, speak to a financial professional. The host of this podcast and their guests may have positions in the companies mentioned. Equity Mates Media is part of the Betashares Group but maintains editorial independence and operates under Australian Financial Services licence 540697.

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