The company uses a B2B2C approach to improve accessibility to fertility benefits.
Five years ago when Tammy Sun was starting fertility treatments, she quickly realized how naive she had been to assume her employer-provided insurance would cover the costly process. “I was paying premiums,” Sun tells. “This is something I thought was core to my health and I was really surprised when my insurance card was rejected.” Sun ended up paying out of pocket for the treatments — a sum hovering around $50,000 for three rounds — and felt lucky she had the means to follow through.
Less than a year later, she and two cofounders — Dr. Asima Ahmad, who has focused her medical career on the reproductive health space, and Juli Insinger — launched Carrot, a multi-pronged fertility coverage program that companies can offer as a benefit. Four years in, the startup’s platform is available in 52 countries, has processed “tens of millions” of dollars in insurance claims, and counts large employers like Peloton, Box and Samsara as customers.
San Francisco-based Carrot raised a $75m Series C round led by Tiger Global, with participation from OrbiMed and existing investors including F-Prime Capital, CRV, U.S. Venture Partners and Silicon Valley Bank, as originally published in Midas Touch. The round was mainly equity, with a little debt as well, to bring the startup’s total funding to $115 million. Carrot has seen its revenue grow 5 times in the last two years, but the company declined to provide specific revenue metrics.
Carrot’s main mission, Sun says, 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,” she says. “We really wanted to bring it people, to employers that would encompass anyone, gay, straight, across all ages and all genders.
The company also offers a “Carrot Card” program, which includes preloaded debit cards, to make the benefit more financially inclusive. “Truth is, most Americans don’t have $500 in savings, and the ability to pay first and be reimbursed later was always going to be a limiting factor,” Sun says. “[Carrot Card] allows them access to the financial benefit in a much more seamless way.
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