It’s not overstating things to describe Eucalyptus’ $1.6 billion sale to New York-listed Hims & Hers as a watershed moment for the startup ecosystem and, more broadly, Australian business.
It’s one of the biggest exits to date for Australian VC, at a time when the sector our biggest funds are most exposed to — SaaS — is under serious pressure thanks to AI panic.
As Bronwen Clune reported for Capital Brief this morning, there are several clear winners from the transaction. At the top of the list is Blackbird Ventures, Eucalyptus’ largest shareholder, with about a third of the company.
There’s also co-founder and CEO Tim Doyle, who stands to pocket $160 million if he hits all of his earn-outs over the next three years. Then there’s the army of advisers: Barrenjoey’s Justin Dwyer, Gilbert + Tobin’s Adam D’Andreti, plus Goldman Sachs in New York and PwC. Arguably, the most significant are Eucalyptus’ 700 non-founder employees, who will collectively share more than $300 million.
