San Francisco-based global fertility benefits provider for employers and health plans Carrot Fertility has announced the closing of a $75M Series C. The round was led by Tiger Global with participation from ObriMed, F-Prime Capital, CRV, U.S. Venture Partners and Silicon Valley Bank. The company has raised a total of $115M in funding to date.
Companies use Carrot to customize a fertility benefit that provides employees financial, medical, and emotional support as they pursue parenthood, reducing healthcare costs and resulting in better clinical outcomes. Carrot’s clinically-managed program includes fertility preservation like egg and sperm freezing, IVF, donor and gestational carrier services, and adoption; Carrot Rx, a 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. Today Carrot supports companies in more than 55 countries across North America, Asia, Europe, South America, and the Middle East.
In an interview with Forbes, Carrot co-founder & CEO Tammy Sun notes: “Carrot’s main mission is to make fertility care as accessible as possible by bringing it out of the consumer sector and not treating it as only an issue for women. For us, we believe that fertility is human healthcare, not just women’s healthcare. We really wanted to bring it to people, to employers that would encompass anyone, gay, straight, across all ages and all genders.”
The company also shared how it plans to use the new funds on their blog: “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.”