Two of Australia’s biggest startup liquidity events share more than timing. They also share a history.
When Eucalyptus sold to US telehealth giant Hims & Hers for up to USD1.15 billion ($1.6 billion) in February, the deal marked a watershed moment for Australian venture capital. When Koala lists on the ASX on 31 March — seeking to raise $68 million at a $305 million market capitalisation — it will mark a different kind of milestone.
What few outside Sydney’s startup ecosystem fully appreciate is how entangled these two stories are, and how much of one was made possible by the other. The connection between the companies runs deep, and has not always been comfortable.
Tim Doyle and Charlie Gearside were among Koala’s earliest hires. Doyle had known co-founder Dany Milham from their time together at Harris Partners, while Gearside joined as head of creative.
