All ArticlesCompany news
Company news

What’s next for Carrot after our $75M Series C raise?

What’s next for Carrot after our $75M Series C raise?

Carrot Fertility funding
Aug 17, 2021
Share on LinkedIn

Today, we're pleased to announce that, less than one year since our Series B raise, we’ve closed on a $75 million Series C fundraising round, led by Tiger Global Management. A big thank you also goes out to OrbiMed as well as our existing financial partners including F-Prime, CRV, U.S. Venture Partners, and Silicon Valley Bank.

Of course, we're always thrilled to share great news about Carrot. But we know a lot of people wonder what these announcements really mean for customers, members, and anyone considering Carrot for their employees.

Growing demand for fertility benefits

First, let’s take a step back. It’s clear that demand for fertility benefits has been growing. Since co-founding Carrot in 2016, it’s been rewarding to see more and more companies recognize that fertility and family forming are vital parts of human healthcare. At Carrot, we’re on track to serve 450 customers and nearly 1 million covered lives this year — nearly quintupling our growth in the last 18 months.

Every time a company adopts fertility benefits, that means more people have access to the family-forming path that’s right for them, from fertility preservation to adoption — and that’s something to celebrate.

At the same time, there’s plenty more progress to be made. In Carrot’s recent Fertility at Work survey, just 12% of respondents had access to dedicated fertility benefits. Those numbers were even lower for paths to parenthood beyond in vitro fertilization (IVF) — just 24% also covered adoption fees, and only 10% included gestational carrier services (commonly referred to as surrogacy).

Our latest raise is a critical piece of how we’ll reach more employers, health plans, and members to get these numbers higher and give more people access to the care and services they need.

Expanding our global footprint

Needless to say, fertility and family forming doesn’t just concern people in the U.S. Carrot has been a global solution since day one, and we’re committed to making sure our members have options no matter where they are in the world. Already, we’re serving employees in more than 55 countries. Going forward, we’ll continue to expand our global provider network and support members in additional languages and locations.

Improving personalization

Carrot has been inclusive of all paths to parenthood from the start. Some of those paths can get pretty complicated, involving several different experts, clinics, and agencies. So it makes sense that one of the most common questions our Care Team gets is, “Where do I begin?” No two paths to parenthood are exactly alike, and personalized support is core to what we do here at Carrot. In our next chapter, Carrot will be doubling down on how we personalize the member experience to make sure each Carrot member receives both the resources and the expert guidance they need to meet their goals.

Funding milestones are a time to reflect on how far we’ve come — and look toward what we’re going to accomplish next. We’re looking forward to serving more customers and members around the world as we work towards our mission — fertility care for all.

Any general advice posted on our blog, website, app or social media platform is for informational purposes only and is not intended to replace or substitute for any medical advice, diagnosis, or treatment. Carrot Fertility makes no representations or warranties and expressly disclaims any and all liability concerning any treatment, action by, or effect on any person following the general information offered or provided within or through the blog, website, app or social media platform. As Carrot is distinct from any third party providers with whom we partner to provide applications, products, and services to members, we are not responsible for the quality, integrity, safety, accuracy, availability, reliability, or legality of such third party applications, products, and services. Further, Carrot is not responsible or liable, directly or indirectly, for any damage, harm, injury, or loss of any kind caused or alleged to be caused by or in connection with the use of or reliance upon any content, material, or services available through any third party providers.
Read more
Company news
Carrot honored for Best Diversity, Equity, and Inclusion Product in the Inaugural Anthem Awards
The Carrot Card has been named one of the Best Diversity, Equity, and Inclusion Products in the Inaugural Anthem Awards. 
Company news
Carrot named to Fast Company’s annual list of the World’s 50 Most Innovative Companies for 2022
We're proud to announce that Carrot has been named to Fast Company’s annual list of the World’s Most Innovative Companies for 2022.
Company news
Carrot Fertility executive team spotlight
We're excited to welcome Melissa Herman as our CFO and congratulate Leslie Neitzel on her promotion to Chief Human Resources Officer.
See how Carrot can transform your company
Find out how our customizable fertility solutions can help your plan, your groups, and your members.
Get Started