- Carrot Fertility — the leading global fertility benefits provider for employers — announced that it has announced the company has closed $24 million in Series B funding
Carrot Fertility — the leading global fertility benefits provider for employers — announced that it has announced the company has closed $24 million in Series B funding. Including this round of funding, the company has raised over $40 million so far. U.S. 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.
The additional funding will be used to fuel Carrot’s global expansion, deepen product development in telehealth and telemedicine features across the fertility care continuum, and hire top talent. And the company also announced today that employee benefits leader Brian Marcotte has joined the Carrot board.
Most recently, Marcotte served as the President & CEO of Business Group on Health for nearly a decade before retiring in May 2020. And Business Group on Health is the leading organization for large employers in healthcare and benefits strategy.
As the most trusted global fertility benefits solution for large employers, Carrot has signed on over 100 companies, including Box, Snap, Inc., and Peloton. And Carrot’s growth is driven by employers and health plans seeking a better way to deliver high-quality and clinically-managed fertility care.
Carrot’s approach to coverage is unique in that it enables employers to access fertility benefits with greater flexibility, transparency, and more predictable cost controls — while avoiding millions of dollars in unnecessary medical claims. To date, Carrot serves employees in over 42 countries across North America, Asia-Pacific, Europe, South America, and the Middle East.
Cloud content management platform Box works with Carrot because — in addition to delivering a financial benefit — the company offers a telehealth program, education, and care navigation to its workforce.
Over the last six months, Carrot launched a suite of new products including Carrot at Home — a first-of-its-kind telehealth program that combines AI-powered predictive analytics with virtual appointments. And ,embers can connect with more than 2,000 reproductive endocrinologists, urologists, adoption experts, mental health experts, OB/GYNs, doulas, and midwives.
Powered through a partnership with digital women’s health company Ava, Carrot at Home gives Carrot members the option of beginning their fertility care at home, when visiting a fertility clinic is not preferred or possible.
And the company also expanded its offerings to include Carrot Pregnancy and Carrot Rx, a virtual pharmacy experience that offers significant cost savings. Plus Carrot made the Carrot Card, a flexible fertility benefits card employees use to pay for their care, available to members worldwide.
This year, employees everywhere have had to grapple with the anxiety and logistical challenges of accessing fertility treatments and family-forming services during a global pandemic. And during this time, Carrot supported employees to make sure critical care like fertility treatments continued to be managed in a way that obeyed local and national guidance aimed at slowing the spread of COVID-19. Last month, the company saw benefits activity surpass pre-pandemic levels.
KEY QUOTES:
“The pandemic has increased the urgency of ensuring people have access to fertility healthcare – whether at clinics or at home. Now more than ever, employers seek flexible and focused solutions that can be customized to their business needs. 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 U.S and around the world.”
— Tammy Sun, CEO and Co-founder of Carrot Fertility
“Carrot has experienced tremendous growth over the last year, establishing itself as the clear global fertility benefits leader. Carrot stands out in the industry with its ability to design a flexible solution that empowers every employer regardless of size or geography to offer the highest quality care to its entire global workforce. We’re excited and honored to support the Carrot team as it expands its global operation, brings more innovative products to market and redefines workplace benefits so everyone has access to fertility care, which we believe is an essential part of healthcare.”
— Dafina Toncheva, Managing Partner at U.S. Venture Partners
“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. 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.”
— MaryBeth Kramer, Global Benefits Director at Box
