What is Carrot?
Founded in 2016, Carrot Fertility serves as a leading global provider of fertility benefits for employers and health plans. The company addresses the complex needs of employees navigating their reproductive healthcare journeys, offering a clinically-managed program that encompasses egg and sperm freezing, IVF, adoption, and pregnancy support. Through proprietary innovations such as the Carrot Card and Carrot Rx, the firm provides a seamless, cost-effective experience that bridges the gap between traditional insurance and specialized fertility care. Its market position is defined by its ability to customize benefits, thereby driving better health outcomes while simultaneously managing the rising costs associated with fertility treatments in the corporate environment.
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 F-Prime Capital, Precursor Ventures, Uncork Capital, Maven Ventures, CRV BV, and U.S. Venture Partners
Series C (2021): $75M with participation from F-Prime Capital Partners, U.S. Venture Partners, Tiger Global Management, and OrbiMed
Key Investors in Carrot
Tiger Global Management
Tiger Global Management is a prominent investment firm that deploys capital across both public and private markets, focusing on high-growth technology and internet companies.
OrbiMed
OrbiMed is a specialized investment firm dedicated to the healthcare sector, managing capital across biopharmaceuticals, medical devices, and digital health platforms.
U.S. Venture Partners
U.S. Venture Partners is a Silicon Valley-based firm specializing in early-stage investments across cybersecurity, enterprise software, and healthcare sectors.
What's next for Carrot?
Looking ahead, the infusion of capital from its latest financing round is expected to catalyze further product development and international market penetration. As the demand for inclusive and comprehensive family-forming benefits continues to rise among Fortune 1000 corporations, Carrot is well-positioned to leverage its existing infrastructure to capture additional market share. The strategic focus will likely remain on enhancing the digital health platform, expanding the network of clinical partners, and refining the pharmacy experience to maintain its competitive edge in the rapidly evolving health-tech landscape.
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