If fertility is an aspect of a person’s overall health, why not provide access to fertility services by the same way so many people get access to health insurance — through employer-sponsored plans?
SF-based Carrot Fertility partners with employers to help them offer fertility services as an employee benefit. On Tuesday, the company announced that it raised $75 million in a Series C funding round led by Tiger Global Management. The new funding comes almost exactly one year after Carrot raised its $24 million Series B.
Carrot has built a global network of fertility providers and clinics, which helps it provide an array of fertility services through employer-sponsored plans. These services range from egg, sperm and embryo freezing, to assisted fertility services like IVF, IUI and more. It even offers adoption services as a benefit for covered employees.
Fertility services are often expensive, and the low number of fertility clinics in the United States means access to those services can be hard to come by. Because of this, employer-sponsored access to fertility services can be a huge boon to individuals who rely on them.
Several major tech companies — including Eventbrite, Box, Snap, Slack and Peloton — use Carrot to offer fertility services to their employees. Carrot says this new funding will allow it to strengthen its position in the fertility benefits market, as well as go after more customers.
“Democratizing access to fertility healthcare for employers in a way that is flexible, customizable and global is at the core of our mission,” Carrot CEO and co-founder Tammy Sun said in a statement. “We’re thrilled to welcome our new financial partners on this journey as we double down on products that serve employers and health plans in ways that reduces overspending, improves the member experience and helps them build world-class teams in a competitive talent war.”