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- Carrot Fertility
Carrot Fertility Valuation, Funding & Investors
Carrot Fertility is valued at $345M as of August 2020.
Last Carrot Fertility valuation
$345M
Series B · Aug 2020
Last Carrot Fertility funding round
$75M
Series C · Aug 2021
Cumulative funding Carrot Fertility raised
$114M
across 5 funding rounds
Key investors in Carrot Fertility
CRV
Maven Ventures
F-Prime
Precursor Ventures
Uncork Capital
U.S. Venture Partners
About Carrot Fertility
Carrot Fertility is a San Francisco-headquartered platform delivering fertility benefits including IVF, egg freezing, adoption reimbursement, and surrogacy support to employer-sponsored plans. The company partners with health systems like Progyny and covers services for over 100 employers nationwide.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$345M (Aug 2020)
Carrot Fertility Valuation
Carrot Fertility is currently valued at $345M, based on its Series B in August 2020.
The $24M round was led by U.S. Venture Partners, with participation from Maven Ventures, Precursor Ventures, F-Prime, Uncork Capital and CRV.
Carrot Fertility's valuation has grown 29x from $12M at its seed round in September 2017 to $345M in August 2020, across 2 priced rounds.
Carrot Fertility valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2020 | Series B | $345M |
| Sep 2017 | Seed | $12M |
Carrot Fertility Funding History
Carrot Fertility has raised a total of $114M across 5 funding rounds.
Carrot Fertility's first fundraising round was a $100K seed round in August 2017. The most recent completed round was a $75M Series C in August 2021.
Carrot Fertility funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2021 | Series C | Tiger Global (lead); F-Prime; Silicon Valley Bank; U.S. Venture Partners; OrbiMed; CRV | $75M | - | Carrot Fertility, a San Francisco-based fertility benefits provider, raised $75 million in its Series C funding round on August 17, 2021, led by Tiger Global Management with participation from OrbiMed, F-Prime, CRV, U.S. Venture Partners, and Silicon Valley Bank. This brought total funding to $115 million at the time. The company offers comprehensive fertility services including egg freezing, IVF, adoption, surrogacy, and mental health support through a global network of over 2,000 providers across more than 55 countries. Clients include Peloton, Box, Slack, and Eventbrite. Carrot plans to use the proceeds to expand product offerings for health plans and U.S. multinational employers, enhance telehealth programs like Carrot at Home launched during the pandemic, and add language support for global reach. The company reported five times revenue growth over the prior two years per Forbes. It had over 250 customers at the time, expecting to reach 450 customers covering nearly 1 million lives by year-end. Tiger Global highlighted Carrot's technology, provider network, cost savings, flexibility, and inclusivity as differentiators in a competitive market facing rising employer demand for fertility coverage despite declining U.S. birth rates. This round followed a $24 million Series B in 2020. |
| Aug 2020 | Series B | U.S. Venture Partners (lead); Maven Ventures; Precursor Ventures; F-Prime; Uncork Capital; CRV | $24M | $345M | Carrot Fertility is a global fertility benefits provider for employers that helps companies offer employees access to fertility treatments and family-forming services including IVF, egg freezing, surrogacy, adoption, and donor services. The company provides these benefits through a flexible direct reimbursement model where employers can pre-load debit cards for employees to use for fertility care. Carrot also offers telehealth and telemedicine services through its Carrot at Home platform, connecting members with over 2,000 reproductive health specialists including reproductive endocrinologists, urologists, adoption experts, and mental health professionals. In August 2020, Carrot closed a $24 million Series B funding round led by U.S. Venture Partners with participation from F-Prime Capital and existing investors CRV, Precursor Ventures, Maven Ventures, and Uncork Capital, bringing total capital raised to approximately $40 million. The round valued the company at $345 million post-money. The funding was allocated toward global expansion, deepening product development in telehealth features, and talent acquisition. By August 2020, Carrot was operating across more than 42 countries in North America, Asia-Pacific, Europe, South America, and the Middle East, serving as a benefits partner to over 100 companies including tech firms Snap, Box, and Peloton. The company demonstrated strong growth momentum, with revenue increasing by $10 million in the quarter prior to the funding announcement, though it reported a $1.8 million net loss during that period. |
| Apr 2019 | Series A | CRV (lead); Maven Ventures; Human Capital; Aurum Partners | $12M | - | Carrot Fertility raised $11.5 million in its Series A funding round on April 17, 2019, led by CRV with participation from Sound Ventures, Y Combinator, and Uncork Capital. The company, founded in 2016 by Tammy Sun, provides comprehensive fertility benefits to employers, covering egg freezing, surrogacy, adoption, and other treatments not typically included in standard insurance plans. This round brought Carrot's total funding to $15 million since inception. Carrot helps companies offer flexible fertility solutions to employees, addressing the high costs and complexity of fertility treatments. CRV partner Reid Christian joined as the company's first board member following the announcement. The funding supported expansion of corporate fertility benefits at a time when such offerings were emerging in employer wellness programs. |
| Sep 2017 | Seed | Uncork Capital (lead); Sound Ventures; Maven Ventures; Four Cities Capital; Core Innovation Capital; ACME Capital; Precursor Ventures; Terrence Rohan; Social Capital; Founders Fund; Brad Flora | $4M | $12M | Carrot Fertility provides comprehensive fertility benefits to employers, covering egg freezing, IVF, adoption, surrogacy, and related services. The company was founded in 2016 by Tammy Sun following her personal experience with fertility treatments and participated in Y Combinator's S17 cohort. In September 2017, Carrot raised seed funding in multiple tranches totaling approximately $3.6 million, including Series A-1 ($489,987 at $0.39/share), A-2 ($219,969 at $0.48/share), A-3 ($2.61 million at $0.88/share), and A-4 ($100,001 at $0.75/share), led by Uncork Capital with participation from Core Innovation Capital, Founders Fund, Maven Ventures, Precursor Ventures, Social Capital, Sound Ventures, and others. These rounds occurred at a post-money valuation of $12.11 million. Subsequent rounds included an $11.5 million Series A in April 2019 led by CRV, bringing total funding to $15 million at that time. |
| Aug 2017 | Seed | Y Combinator | $100K | - | - |
Who has invested in Carrot Fertility?
20 investors have backed Carrot Fertility across its funding rounds, including CRV, Maven Ventures, F-Prime, Precursor Ventures, Uncork Capital and U.S. Venture Partners.
Lead investors include Tiger Global, U.S. Venture Partners, CRV and Uncork Capital.
Carrot Fertility Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Sep 2017 | ||
| 3 | Lead | Apr 2019 | ||
| 2 | Participant | Sep 2017 | ||
| 2 | Participant | Aug 2020 | ||
| 2 | Lead | Aug 2020 | ||
| 2 | Lead | Sep 2017 | ||
| 1 | Participant | Sep 2017 | ||
| 1 | Participant | Aug 2017 | ||
| 1 | Participant | Sep 2017 | ||
| 1 | Participant | Sep 2017 | ||
| 1 | Participant | Sep 2017 | ||
| 1 | Participant | Apr 2019 | ||
| 1 | Participant | Sep 2017 | ||
This data is available for Pro users. Sign up to see all 20 Carrot Fertility investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialCarrot Fertility Competitors
Carrot Fertility competitors include listed companies like Evolent Health and Value HR, and private ones like Musely, Belong Health, Flex and Nayya.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $62M | - | ||
| Private | - | - | $345M | - | ||
| Publicly listed | $1.9B | ($365M) | $415M | 0.5x | ||
| Publicly listed | $65M | $9M | $270M | 4.1x | ||
| Private | - | - | $250M | - | ||
| Private | - | - | $500M | - |
Carrot Fertility Public Comps
Carrot Fertility is still privately-owned, but its public comps include Evolent Health, Value HR, MetropolCard, Personal Group Holdings, Qualicorp, Hapvida, AIX Inc., LM Pay, eHealth and M.W. Trade.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.9B | ($365M) | 0.7x | 0.5x | (3.5x) | 9.4x | |||
| $65M | $9M | 4.4x | 4.1x | 30.9x | - | |||
| $42M | $21M | 4.2x | - | 8.6x | - | |||
| $65M | $16M | 2.2x | 2.1x | 9.2x | 8.0x | |||
| $277M | $124M | 0.9x | 0.9x | 2.0x | 2.6x | |||
| $6.1B | $787M | 0.3x | 0.3x | 2.7x | 4.0x | |||
| $83M | ($342M) | 0.8x | - | (0.2x) | - | |||
| $3M | $2M | 8.1x | 2.5x | 11.4x | 7.1x | |||
This data is available for Pro users. Sign up to see all Carrot Fertility competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Carrot Fertility
| When was Carrot Fertility founded? | Carrot Fertility was founded in 2016. |
| Where is Carrot Fertility headquartered? | Carrot Fertility is headquartered in San Francisco, CA, United States. |
| Is Carrot Fertility publicly listed? | No, Carrot Fertility is a private, VC-backed company. |
| What is Carrot Fertility's valuation? | Carrot Fertility was last valued at $345M in its Series B in August 2020. |
| How much funding has Carrot Fertility raised? | Carrot Fertility has raised $114M across 5 funding rounds. |
| What was Carrot Fertility's last funding round? | Carrot Fertility's last funding round was a $75M Series C in August 2021, led by Tiger Global. |
| Who are Carrot Fertility's investors? | Carrot Fertility's investors include Maven Ventures, CRV, Precursor Ventures, F-Prime, U.S. Venture Partners, Uncork Capital, Sound Ventures, Y Combinator, Four Cities Capital, Core Innovation Capital and 10 others. |
| Which companies are comparable to Carrot Fertility? | Companies comparable to Carrot Fertility include Musely, Belong Health, Evolent Health, Value HR, Flex and Nayya. |
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