What is Carrot?
Carrot Fertility is recognized as the foremost global provider of fertility benefits tailored for employers and health plans. The company's mission is to support individuals throughout their entire fertility healthcare journey, from initial planning to parenthood. Carrot's comprehensive program offers employees financial, medical, and emotional support, thereby reducing healthcare costs for employers and improving clinical outcomes. Their offerings encompass a wide range of services, including fertility preservation (egg and sperm freezing), in vitro fertilization (IVF), donor and gestational carrier services, adoption support, and postpartum care. Additionally, Carrot provides Carrot Rx® for prescription savings and the Carrot Card® for flexible payment of fertility expenses. Founded in 2016, Carrot has established itself as a critical resource for modern workforce benefits.
How much funding has Carrot raised?
Carrot has raised a total of $144.9M across 6 funding rounds:
Unspecified
$5.8M
Angel/Seed
$3.6M
Other Financing Round
$25M
Series A
$11.5M
Series B
$24M
Series C
$75M
Unspecified (2017): $5.8M, investors not publicly disclosed
Angel/Seed (2017): $3.6M led by Venture Softtech
Other Financing Round (2018): $25M supported by New York Life Ventures and JJDC
Series A (2019): $11.5M featuring Crv
Series B (2020): $24M backed by Uncork Capital, F-Prime Capital, Precursor Ventures, CRV BV, U.S. Venture Partners, and Maven Ventures
Series C (2021): $75M with participation from U.S. Venture Partners, F-Prime Capital Partners, Tiger Global Management, and OrbiMed
Key Investors in Carrot
Tiger Global Management
Tiger Global Management is an investment firm that deploys capital across both public and private markets, known for its significant investments in technology and growth-stage companies.
OrbiMed
OrbiMed is a specialized investment firm with deep expertise in the healthcare sector, focusing on biopharmaceuticals, medical devices, and digital health platforms.
U.S. Venture Partners
U.S. Venture Partners (USVP) is a prominent Silicon Valley venture capital firm that collaborates with entrepreneurs to develop transformative companies, specializing in early-stage investments across various sectors including healthcare.
What's next for Carrot?
The substantial enterprise-level funding and recent strategic investment signal a period of accelerated growth and market penetration for Carrot. With a robust foundation in providing comprehensive fertility benefits, the company is well-positioned to expand its service offerings and reach a broader client base. Future strategic initiatives are likely to focus on enhancing technological integration within its platform, forging new partnerships with healthcare providers and employers, and potentially exploring international market expansion. The continued backing from prominent investors suggests confidence in Carrot's business model and its capacity to address the evolving needs of employee fertility healthcare.
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