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

Carrot Fertility Overview

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

United StatesSan Francisco, CA

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

Carrot Fertility valuation by funding round
DateStageValuation
Aug 2020Series B$345M
Sep 2017Seed$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

Carrot Fertility funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Aug 2021Series CTiger 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 2020Series BU.S. Venture Partners (lead); Maven Ventures; Precursor Ventures; F-Prime; Uncork Capital; CRV$24M$345MCarrot 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 2019Series ACRV (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 2017SeedUncork 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$12MCarrot 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 2017SeedY 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

Investors in Carrot Fertility by funding rounds participated
InvestorHQRoundsRoleFirst check
Maven VenturesUnited StatesSan Francisco, CA3ParticipantSep 2017
CRVUnited StatesUnited States3LeadApr 2019
Precursor VenturesUnited StatesSan Francisco, CA2ParticipantSep 2017
F-PrimeUnited StatesUnited States2ParticipantAug 2020
U.S. Venture PartnersUnited StatesSan Francisco, CA2LeadAug 2020
Uncork CapitalUnited StatesSan Francisco, CA2LeadSep 2017
Sound VenturesUnited StatesLos Angeles, CA1ParticipantSep 2017
Y CombinatorUnited StatesSan Francisco, CA1ParticipantAug 2017
Four Cities CapitalUnited StatesBoston, MA1ParticipantSep 2017
Core Innovation CapitalUnited StatesLos Angeles, CA1ParticipantSep 2017
ACME CapitalUnited StatesSan Francisco, CA1ParticipantSep 2017
Human CapitalUnited StatesSan Francisco, CA1ParticipantApr 2019
Terrence RohanUnited StatesSan Francisco, CA1ParticipantSep 2017

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Carrot Fertility Competitors

Carrot Fertility competitors include listed companies like Evolent Health and Value HR, and private ones like Musely, Belong Health, Flex and Nayya.

Public and private companies comparable to Carrot Fertility
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
MuselyUnited StatesSan Jose, CAPrivate--$62M-
Belong HealthUnited StatesPhiladelphia, PAPrivate--$345M-
Evolent HealthUnited StatesUnited StatesPublicly listed$1.9B($365M)$415M0.5x
Value HRJapanJapanPublicly listed$65M$9M$270M4.1x
FlexUnited StatesSan Francisco, CAPrivate--$250M-
NayyaUnited StatesNew York City, NYPrivate--$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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Evolent Health$1.9B($365M)0.7x0.5x(3.5x)9.4x
Value HR$65M$9M4.4x4.1x30.9x-
MetropolCard$42M$21M4.2x-8.6x-
Personal Group Holdings$65M$16M2.2x2.1x9.2x8.0x
Qualicorp$277M$124M0.9x0.9x2.0x2.6x
Hapvida$6.1B$787M0.3x0.3x2.7x4.0x
AIX Inc.$83M($342M)0.8x-(0.2x)-
LM Pay$3M$2M8.1x2.5x11.4x7.1x

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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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