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.
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.