Virtual Fertility Program Provider Carrot Raises $24 Million

Carrot Fertility, a provider of virtual fertility benefits programs for large employers, raised $24 million in Series B funding. The funding round brings the total capital raised to more than $40 million.

U.S. Venture Partners led the round, which also saw participation from F-Prime Capital, including existing investors – CRV, Precursor Ventures, Maven Ventures, and Uncork Capital.

The company intends to use the additional funding to increase global presence, deepen product development in telehealth and telemedicine features across the fertility care continuum.

Recently, Carrot launched a series of new products, including Carrot at Home, an AI-powered telehealth platform using predictive analytics to connect members with more than 2,000 reproductive endocrinologists, urologists, adoption experts, mental health experts, OB/GYNs, doulas, and midwives.

The company also expanded its offerings to include Carrot Pregnancy and Carrot Rx, a virtual pharmacy experience offering cost savings.

Dafina Toncheva, Managing Partner at U.S. Venture Partners, commented, “Carrot has experienced tremendous growth over the last year, establishing itself as the clear global fertility benefits leader. Carrot stands out in the industry with its ability to design a flexible solution that empowers every employer, regardless of size or geography, to offer the highest quality care to its entire global workforce. “We’re excited and honored to support the Carrot team as it expands its global operation, brings more innovative products to market, and redefines workplace benefits, so everyone has access to fertility care, which we believe is an essential part of healthcare.”

Box, a cloud content management platform that works with Carrot because, in addition to delivering a financial benefit, the company offers a telehealth program, education, and care navigation to its workforce. “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. “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.” said MaryBeth Kramer, Global Benefits Director at Box.

More recently, Eden Health, a direct-to-employer telehealth platform, raised $25 million in Series B funding. According to recent Mercom Funding and M&A Report, telehealth companies led a record funding of $1.9 billion in VC funding in the first half of 2020.

Image credit: Carrot Fertility