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

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

June 8, 2026 · 1h 5m · Season 11

About this episode

Tim Doyle discusses the journey of Eucalyptus from startup to a $1.6 billion exit.

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) ——— Want to get involved in the podcast? Record a voice note…

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Guest: Tim Doyle

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Organizations: Eucalyptus, Hims & Hers, Koala, Meta Platforms, Alphabet, Eli Lilly, Novo Nordisk, Amazon, Netflix, Atlassian

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