Carrot Fertility Announces $24M Series B Round

Carrot Fertility, the leading global fertility benefits provider for employers, today announced the company has closed $24 million in Series B funding, bringing the total capital raised to more than $40 million. 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. The company also announced today that employee benefits leader Brian Marcotte has joined the Carrot board. Most recently, Brian served as the President & CEO of Business Group on Health for nearly a decade before retiring in May 2020. 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 more than 100 companies, including Box, Snap, Inc., and Peloton. Carrot's growth is driven by employers and health plans seeking a better way to deliver high-quality, 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 more than 42 countries across North America, Asia-Pacific, Europe, South America, and the Middle East.

"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," said Dafina Toncheva, Managing Partner at U.S. Venture Partners. "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."

Leading 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. "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. "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."

In 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. Members can connect with more than 2,000 reproductive endocrinologists, urologists, adoption experts, mental health experts, OB/GYNs, doulas, and midwives. Powered by 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. The company also expanded its offerings to include Carrot Pregnancy and Carrot Rx, a premium virtual pharmacy experience that offers significant cost savings. Finally, 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. 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. In July, the company saw benefits activity surpass pre-pandemic levels.

"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," said Tammy Sun, CEO and Co-founder of Carrot Fertility. "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."

Carrot Fertility is the leading global fertility benefits provider for employers, built to support employees through their entire fertility healthcare journey. Companies use Carrot to customize a fertility benefit that provides employees financial, medical, and emotional support as they pursue parenthood, resulting in better clinical outcomes. Carrot's program includes egg freezing, in vitro fertilization (IVF), adoption, donor and gestational carrier services; Carrot Rx, a premium pharmacy experience, at significant savings; Carrot Pregnancy; and the Carrot Card�®, a flexible fertility benefits debit card employees can use to pay for their care. Founded in 2016, Carrot has raised more than $40M and is backed by U.S. Venture Partners, F-Prime Capital, CRV, Precursor Ventures, Maven Ventures, Sound Ventures, and Uncork Capital. Learn more at www.carrotfertility.com.