Carrot Fertility, a San Francisco, CA-based global fertility benefits provider for employers, closed $24m in Series B funding.
The round, which brings the total capital raised to more than $40m, was led by U.S. Venture Partners with participation from F-Prime Capital as well as existing investors CRV, Precursor Ventures, Maven Ventures, and Uncork Capital.
The company intends to use the funds to accelerate global expansion, deepen product development in telehealth and telemedicine features across the fertility care continuum, and hire top talent.
Founded in 2016, Carrot provides a global fertility benefits solution for large employers. Companies use it to customize a fertility benefit that provides employees financial, medical, and emotional support as they pursue parenthood. Its program includes egg freezing, in vitro fertilization (IVF), adoption, donor and gestational carrier services; Carrot Rx, a premium pharmacy experience; Carrot Pregnancy; and the Carrot Card®, a flexible fertility benefits debit card employees can use to pay for their care.
To date, the company has served employees in more than 42 countries across North America, Asia-Pacific, Europe, South America, and the Middle East. It has signed on more than 100 companies, including Box, Snap, Inc., and Peloton.
In conjunction with the funding, employee benefits leader Brian Marcotte has joined the Carrot board. Most recently, he served as the President & CEO of Business Group on Health for nearly a decade before retiring in May 2020.