Funding profile · Fertility and family building benefits
Carrot Fertility
$115 million disclosed across three priced rounds, all raised before September 2021. No Form D notice has ever been filed under the company name, so the public securities record is empty.
$115MTotal disclosed funding, reported at the Series C, August 2021
$75.0MSeries C led by Tiger Global Management, August 2021
$24.0MSeries B led by U.S. Venture Partners, August 2020
0Form D notices filed under the company name, as of September 2026
Data as of September 23, 2026. Company-reported figures are labeled.
Rounds at a glance
| When | Round | Amount | Investors | Source |
|---|---|---|---|---|
| 2016 | Founding | Not disclosed | Not disclosed | Reported |
| Apr 2019 | Series A | $11.5M | Led by CRV | Crunchbase News |
| Aug 2020 | Series B | $24.0M | Led by U.S. Venture Partners; F-Prime Capital, CRV, Precursor Ventures, Maven Ventures, Uncork Capital, Silicon Valley Bank | Release plus press |
| Aug 2021 | Series C | $75.0M | Led by Tiger Global Management; OrbiMed, F-Prime, CRV, U.S. Venture Partners, Silicon Valley Bank | Release plus press |
| Aug 2021 | Cumulative to date | $115M | Described by Forbes as mainly equity with a little debt as well | Forbes, Fierce Healthcare |
| 2021 to 2026 | No priced round announced | None | None | Nothing found |
What the filings show
SEC EDGAR · full text search for the phrase Carrot Fertility · run Sep 23, 2026
- Form D notices
- 0
- Documents returned
- 30, every one filed by another company
- Filers naming Carrot
- Progyny, Roblox, Zendesk, Alteryx, Criteo, Accolade, The Cigna Group
- Company CIK
- None found
- Likely exemption
- Section 4(a)(2), which carries no notice requirement
- Effect
- Offered and sold amounts, investor counts and related persons are not on the public record
Federal court dockets · CourtListener RECAP · searched Sep 23, 2026
- Hatfield v. Carrot Fertility, Inc.
- W.D. Kentucky, 3:25-cv-00369, filed Jun 17, 2025; default judgment entries Jul 28 and Jul 30, 2025
- O’Regan v. Carrot Fertility, Inc.
- E.D. New York, 1:26-cv-01902, filed Mar 31, 2026; diversity employment discrimination, jury demanded
- Named defendants
- Carrot Fertility, Inc., Tammy Sun, Jenna Jackson, Robert Spalding
- Status
- Neither case shows a published merits ruling
Reading the filings
- The announced rounds do not add up to the announced total.$11.5M plus $24.0M plus $75.0M is $110.5M. The reported cumulative figure at the Series C was $115M, leaving about $4.5M unaccounted for. Forbes described the Series C as mainly equity with a little debt, and pre 2019 angel money was never sized in public. Both are plausible homes for the difference, neither is documented.
- There is no Form D, and that is a fact about the exemption, not about the money.An issuer selling under Section 4(a)(2) files nothing. So the usual Form D arithmetic, amount sold divided by investor count and first sale date against press release date, is unavailable here. Every capital figure on this page comes from a press release or a reporter, not a filing.
- The capital clock stopped five years ago.The last priced round closed in August 2021, at the top of the growth market. In the same category, Progyny reported $1.29 billion of full year 2025 revenue and $222.1 million of adjusted EBITDA. Carrot has never disclosed a revenue figure.
- Customer count is the only growth series the company maintains.More than 100 companies in Aug 2020; 450 customers and nearly 1 million covered lives on track in 2021; more than 800 in Jan 2023; more than 1,000 from 2024; thousands in the Mar 2026 boilerplate with no number attached. The series moved an order of magnitude and then stopped resolving.
- Announced and reported dates disagree.The company and Forbes date the Series C to August 17, 2021. Business Insider, in June 2023, says Carrot “raised $75 million in Series C funding in November 2021”. With no Form D there is no first sale date to settle it.
- The revenue model is engagement based, which is unusual in this category.Carrot says it earns revenue on member engagement rather than treatment volume, and that this held when it added a cycle based option in January 2026: “Unlike traditional cycle-based models that can create misaligned incentives by tying revenue to procedure volume, Carrot’s engagement-based model remains the same regardless of the plan a customer selects.”
Commercial signals
| Signal | Detail | Source type |
|---|---|---|
| Customers | Roblox, Zendesk, Alteryx and Criteo name Carrot in their own SEC filings, 2021 to 2023. Box, Snap, Slack, Peloton, Eventbrite, Samsara, Ferring and Reed Smith appear in company releases. | Public record and company |
| Channel | Preferred vendor status with broker WTW from Oct 2024, plus a mid market product, Carrot Engage. Program with Cigna Healthcare Global Health Benefits from Mar 2025. | Company and partner |
| Outcomes | 2024 IVF Outcomes Study, self measured against SART data, methodology reviewed by Milliman, which did not review the competitor comparison. No peer reviewed publication found. | Company-stated |
| Assurance | SOC 2 Type II and HIPAA audits since Jun 2020, Linford & Company LLP, clean opinion. No HITRUST found. No HHS breach entry found. | Company-stated |
| Regulatory setting | Proposed excepted fertility benefit rule from Treasury, Labor and HHS, May 2026, $120,000 lifetime limit. Comments closed Jul 2026. | Public record |
| Market usage | Mercer: 12% of surveyed employers use a specialty fertility vendor, rising to 21% at employers with 5,000 or more staff. Carrot is named among the examples. | Independent survey |
What to watch
- A Form D, which would be the first filing under the company name and would size a round within 15 days of first sale.
- Any revenue, covered lives or retention figure, none disclosed since 2021.
- Docket movement in O’Regan, which names the founder and two other individuals alongside the company.
- Whether the shift from more than 1,000 customers to thousands is ever given a number.
The Carrot Fertility story on Healthcare DiscoveryHealthcare Discovery
Related companies
Sources
- Public recordEDGAR full text search, 30 documents, no Form D
- Public recordCourtListener RECAP docket search, Hatfield and O’Regan
- Public recordProgyny, Inc. Form 10-K for fiscal 2021, competition section
- Public recordProgyny fourth quarter 2025 results
- Public recordRoblox, Zendesk, Alteryx and Criteo filings
- Public recordExcepted Fertility Benefits, proposed rule explainer
- IndependentFertility Startup Carrot Raises $75 Million In A Series C Round Led By Tiger Global
- IndependentExclusive: Carrot Fertility closes $24 million Series B
- IndependentCarrot Banks $24M Series B, naming the $11.5M Series A
- IndependentCarrot banks $75M to expand fertility benefits to more employers, health plans
- IndependentThe fertility business is booming
- IndependentFamily-friendly benefits take off
- CompanyCarrot Expands Flexible Plan Design
- CompanyCarrot Fertility Publishes Results of New Clinical Study
- CompanySeries B and Series C funding announcements
Compiled from SEC, federal court and Department of Labor public records and published reports as of September 23, 2026. No Form D notice has been filed under the Carrot Fertility name, so no Regulation D amounts are available; all capital figures here are company-reported or press-reported. Healthcare Venture Capital Fund holds no position in Carrot Fertility. This page is not an offer to sell or a recommendation to buy any security.