Carrot Fertility Raises $24M to Expand Benefits Platform, Grow Team

The company’s provider network includes over 2,700 clinics in 40 countries around the world.

Written by Jeremy Porr
Published on Aug. 19, 2020
Carrot Fertility Raises $24M to Expand Benefits Platform, Grow Team
Carrot Fertility's team poses for a group photo.
photo: carrot Fertility

Benefits provider Carrot Fertility announced Tuesday it secured $24 million in a Series B financing round. The round was led by U.S. Venture Partners and will be used to help fuel the company’s global expansion efforts. The company is also now hiring for multiple roles in sales, marketing and engineering.

Companies use Carrot to curate fertility benefit programs that provide employees with the financial, medical and emotional support necessary for new parents. Carrot’s program covers a range of services for prospective parents, from adoption to egg freezing, to in vitro fertilization and more.

“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,” Tammy Sun, CEO and co-founder of Carrot Fertility, said in a statement.

Over the past six months, the company has rolled out a suite of new products. Carrot at Home, a telehealth service, gives members the option of beginning their fertility journey remotely, when visiting a clinic might not be preferred due to COVID-19 concerns.

With the service, members can digitally connect with over 2,000 reproductive endocrinologists, adoption experts, mental-health experts, OB/GYNs, doulas and midwives to receive first-hand support.

Other products the company recently launched include CarrotRX, a virtual pharmacy, as well as the Carrot Card, a flexible fertility benefits card that members can use to pay for their care worldwide.

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The company’s provider network includes over 2,700 clinics in 40 countries around the world.

“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,” MaryBeth Kramer, global benefits director at Box, said in a 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.”

In July, Carrot Fertility saw benefits activity surpass pre-pandemic levels, according to the company.

“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,” Sun said in a statement.

Additional investors F-Prime Capital, CRV and Precursor Ventures participated in the round, among others.

Founded in 2016, Carrot Fertility has raised $39.2 million in venture capital financing to date, according to Crunchbase.

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