What is Carrot?
Carrot Fertility is a leading global provider of fertility benefits designed to support employees throughout their parenthood journeys. The platform offers financial, medical, and emotional assistance, aiming to reduce healthcare costs and improve clinical outcomes for employers and health plans. Carrot's comprehensive program encompasses fertility preservation (egg and sperm freezing), IVF, donor and gestational carrier services, adoption support, and postpartum care. Additionally, it includes Carrot Rx® for discounted pharmacy services and the Carrot Card® for flexible payment of fertility expenses. Founded in 2016, Carrot has established itself as a key innovator in employer-sponsored healthcare, addressing a critical need for accessible and supportive fertility care.
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 JJDC and New York Life Ventures
Series A (2019): $11.5M featuring Crv
Series B (2020): $24M backed by U.S. Venture Partners, Uncork Capital, Precursor Ventures, Maven Ventures, F-Prime Capital, and CRV BV
Series C (2021): $75M with participation from U.S. Venture Partners, F-Prime Capital Partners, OrbiMed, and Tiger Global Management
Key Investors in Carrot
U.S. Venture Partners
U.S. Venture Partners (USVP) is a prominent Silicon Valley venture capital firm dedicated to collaborating with entrepreneurs to develop transformative companies. Specializing in early-stage investments, USVP focuses on sectors such as cybersecurity, enterprise software, consumer products, and healthcare. With a rich portfolio of over 500 companies, the firm leverages a network composed of former entrepreneurs, technologists, and executives to support strategy, scaling, and product development. Based in Menlo Park, California, USVP aims to drive innovation and propel market leaders forward.
F-Prime Capital Partners
Founded in 2002, F-Prime Capital provides a team of investors, engineers, doctors, and scientists dedicated to investing in health care and technology for other companies. F-Prime Capital is located in Massachusetts.
OrbiMed
OrbiMed Advisors LLC operates as a specialized investment firm focused on the healthcare sector, with deep expertise spanning multiple therapeutic and commercial domains. The firm manages capital across biopharmaceuticals, medical devices, digital health platforms, diagnostics, and healthcare services, bringing together investment professionals with extensive experience in life sciences and healthcare business development. The firm's investment approach reflects a comprehensive understanding of healthcare innovation cycles and market dynamics.
What's next for Carrot?
The recent major strategic investment signals a new phase of scaling and market penetration for Carrot. This influx of capital is expected to fuel further development of its platform, expansion into new geographic markets, and enhancement of its service offerings. As Carrot continues to grow, it is well-positioned to solidify its leadership in the employer-sponsored fertility benefits space, potentially exploring new partnerships and technological integrations to further streamline the fertility care experience for its users. The company's trajectory suggests a strong focus on innovation and strategic alliances to meet the evolving demands of the healthcare landscape.
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