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

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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

  • Medinas Health: Shared investor: Precursor. A cloud based marketplace and software platform that helped hospitals value, redeploy and resell their surplus medical equipment
  • Lamar Health: Shared investor: Precursor. A San Francisco startup that builds AI software to automate the referral, benefits verification and prior authorization paperwork behind expensive specialty drugs
  • Axle Health: Shared investor: F-Prime. A scheduling and logistics platform built to cut the driving time out of home health visits
  • dNovo: Shared investor: Precursor. A Stanford trained biologist's direct reprogramming system once grew human hair on the backs of lab mice

Sources

  1. Public recordEDGAR full text search, 30 documents, no Form DSEC · Sep 23, 2026
  2. Public recordCourtListener RECAP docket search, Hatfield and O’ReganCourtListener · Sep 23, 2026
  3. Public recordProgyny, Inc. Form 10-K for fiscal 2021, competition sectionSEC EDGAR · Mar 1, 2022
  4. Public recordProgyny fourth quarter 2025 resultsProgyny · Feb 26, 2026
  5. Public recordRoblox, Zendesk, Alteryx and Criteo filingsSEC EDGAR · 2021 to 2023
  6. Public recordExcepted Fertility Benefits, proposed rule explainerUS Department of Labor
  7. IndependentFertility Startup Carrot Raises $75 Million In A Series C Round Led By Tiger GlobalForbes · Aug 17, 2021
  8. IndependentExclusive: Carrot Fertility closes $24 million Series BFortune · Aug 18, 2020
  9. IndependentCarrot Banks $24M Series B, naming the $11.5M Series ACrunchbase News · Aug 18, 2020
  10. IndependentCarrot banks $75M to expand fertility benefits to more employers, health plansFierce Healthcare · Aug 18, 2021
  11. IndependentThe fertility business is boomingBusiness Insider · Jun 13, 2023
  12. IndependentFamily-friendly benefits take offMercer
  13. CompanyCarrot Expands Flexible Plan DesignPR Newswire · Jan 28, 2026
  14. CompanyCarrot Fertility Publishes Results of New Clinical StudyPR Newswire · Jan 7, 2025
  15. CompanySeries B and Series C funding announcementsCarrot · Aug 2020 and Aug 2021

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.