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Carrot Fertility Banks $24M Series B To Advance Benefits Tools For Employers

Carrot Fertility received a $24 million Series B boost to help employers offer workers fertility benefits that are flexible, transparent and cost-conscious, the company said Tuesday.

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Venture Partners led the round with participation by F-Prime Capital, as well as existing investors including CRV, Precursor Ventures, Maven Ventures and Uncork Capital. With the new capital, Carrot has raised a total of $39.2 million, according to Crunchbase data. This includes an $11.5 million Series A round in April 2019 that was led by CRV.

In addition to the investment, Brian Marcotte, former president and CEO of National Business Group on Health, has joined the Carrot board.

Since forming in 2016, the San Francisco-based company’s tools have been used by more than 100 companies, including Box, Snap and Peloton. Carrot serves employees in more than 42 countries across North America, the Asia-Pacific region, Europe, South America and the Middle East.

“Worldwide connectivity is at the core of our product, so it’s critical that our workplace benefits are available globally to everybody, no matter where they’re located,” said MaryBeth Kramer, global benefits director at Box, in a written statement. “A lot of companies say they are ‘global,’ but they can’t deliver on it. With Carrot, it’s been easy to take our benefit global and support our global workforce.”

Carrot’s program includes egg freezing, in vitro fertilization, adoption, and donor and gestational carrier services, as well as its Carrot Rx pharmacy experience, Carrot Pregnancy, and the Carrot Card, a flexible fertility benefits debit card employees can use to pay for care.

In the past six months, Carrot launched Carrot at Home, a telehealth program that combines artificial intelligence-powered predictive analytics with virtual appointments. Members can connect with more than 2,000 reproductive endocrinologists, urologists, adoption experts, mental health experts, OB/GYNs, doulas and midwives.

Meanwhile, the company said its new funding will be used to continue its global expansion, to accelerate product development in telehealth and telemedicine, and hire new employees.

“The pandemic has increased the urgency of ensuring people have access to fertility health care—whether at clinics or at home,” Tammy Sun, co-founder and CEO of Carrot Fertility, said in a written statement. “Our focus continues to be on meeting the rapidly growing needs of employers who want clinically-managed, high-quality fertility care for employees in the US and around the world.”

Illustration: Li-Anne Dias

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