Some outcomes feel inevitable only in hindsight.
Eucalyptus and Hims & Hers coming together is one of those moments. Two companies founded on different continents, years apart, solving different entry problems in healthcare, but guided by the same conviction: that modern healthcare should be personal, preventative, and built to serve patients rather than institutions.
At NewView Capital, we had the privilege of partnering with both companies at formative moments in their journeys. Watching them join forces aligns with a thesis we’ve believed in for years.
Eucalyptus: Redefining digital health outside the U.S.
When we first partnered with Eucalyptus in 2021, telehealth adoption was surging globally. But adoption alone wasn’t the opportunity. The real opportunity was proving that digital care could deliver better outcomes for patients with chronic conditions, not just greater access.
Eucalyptus answered that challenge by building differently.
Instead of offering transactional consultations, the company built a vertically integrated platform that brought technology, clinicians, and pharmacy infrastructure together under one roof. This structure allows Eucalyptus to deliver higher-touch, longitudinal care, while maintaining the operational control required to scale responsibly across countries and regulatory environments.
On top of that foundation, Eucalyptus built a portfolio of branded clinics, including Pilot, Juniper, and Compound. Each brand serves a distinct patient need, but all benefit from shared clinical protocols, data, and infrastructure. Over time, that platform approach has allowed Eucalyptus to move faster, learn faster, and compound its advantage.
Today, Eucalyptus serves over half a million patients across Australia, the UK, Germany, and Japan. It is the largest digital health provider in Australia and the largest multi-market obesity clinic outside the U.S.1
Their clinical outcomes match that scale. Through Juniper, Eucalyptus’ weight management platform, people achieve ~11% weight loss in three months, compared to ~9% in global clinical trials. They are 4.5 times more likely to achieve clinically significant weight loss, with roughly 80% retention after three months, versus just ~50% for people served via traditional pharmacies.1
Eucalyptus’ clinical rigor has earned recognition at the highest levels. The company has built strategic partnerships with NICE, which sets clinical guidelines for the UK and much of the world, and the NHS, the UK's national health system. They have also received endorsement from the ACHS, an independent body dedicated to improving healthcare quality in Australia. What started as a bet on better digital care has become a platform that many of the world's leading health bodies trust.
Hims & Hers: A U.S. powerhouse in wellness and longevity
We invested in Hims & Hers in 2019 because we believed the company had the potential to reshape how people engage with their health.
From the beginning, Hims & Hers recognized that many common health challenges were underdiagnosed, undertreated, or avoided entirely because of stigma, cost, or complexity. Hims & Hers made it possible for millions of people to seek care on their own terms by building a trusted consumer brand backed by deep investment in regulatory infrastructure, pharmacy capabilities, and clinical quality.
Over time, Hims & Hers has grown into a vertically integrated, end-to-end platform spanning telemedicine, pharmacy fulfillment, diagnostics, and data-driven personalization to enable seamless, end-to-end care experiences. The company has also evolved to support patients across multiple conditions and over longer horizons, instead of just solving isolated problems. Today, Hims & Hers serves nearly 2.5 million subscribers, with those treating multiple conditions growing over 80% year over year.2
That evolution is now accelerating. What began as a U.S.-focused platform is now looking to continue scaling globally, extending its consumer-first model to more people.
The combined platform: a global leader
Together, Eucalyptus and Hims & Hers are poised to create a global direct-to-consumer health platform with unprecedented reach.
The GLP-1 market is projected to grow from $15 billion in 2024 to $150 billion by 2035, with international penetration today still below 3%.3 We believe this represents a generational shift in how the world treats chronic disease, and the combined platform of Eucalyptus and Hims & Hers is positioned at the center of it.
But this story is bigger than any single drug class. Because obesity drives inflammation, insulin resistance, and metabolic dysfunction, it is correlated with a wide range of chronic conditions, from diabetes and cardiovascular disease to sleep apnea, endocrine disorders, and mental health challenges. By pairing treatment with integrated testing and diagnostics, there is an opportunity to deliver preventative and personalized care across multiple conditions.
With truly global reach, this same care can now reach patients worldwide. For too long, the best in healthcare has been reserved for the few: concierge doctors, custom treatments, preventative diagnostics, and longevity-focused care. As Hims & Hers declared in their 2026 Super Bowl ad, the wealth gap is a health gap. Eucalyptus is helping close this gap by scaling clinical excellence across borders. Hims & Hers is making personalized care more affordable and accessible for more people. This partnership brings together two companies NewView backed years apart for the same reason: a belief that great healthcare starts and ends with the patient.
As former investors in both Eucalyptus and Hims & Hers, to see them join forces is a rare and thrilling moment. This is not the end of a journey. It is the beginning of a much larger one, and all of us at NewView can’t wait to see what they build together.
This post is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation to invest in any securities. References to specific companies are provided for illustrative purposes only. NewView may have an ownership interest in the company or companies discussed, which may represent conflicts of interest. The information presented is based on publicly available data (unless otherwise noted), third-party sources (where cited), and information provided by the company or companies discussed, and is subject to change. NewView makes no representations or warranties as to the accuracy or completeness of such information, and such information may not be independently verified. Any company metrics are presented solely for informational purposes and do not represent the performance of any NewView fund. This post is intended for financially sophisticated investors; NewView does not solicit or make its services generally available to the public. See Terms of Use for more information. Past performance is not indicative of future results. Any forward-looking statements are based on current expectations and involve risks and uncertainties; actual results may differ materially.
1. Eucalyptus Data.
2. Hims & Hers Data.
