In the billion-dollar femtech space, fertility startups are making their mark, bringing in $345 million in venture capital last year, up 35% from $254 million in 2020.
One startup that is fast claiming ground is Carrot Fertility, a fertility benefits company that has raised more than $200 million from top-tier investors since 2017.
Founded by Tammy Sun, Carrot Fertility aims to address the hefty price tag that comes with fertility treatments such as egg freezing and giving women and aspiring growing families an opportunity to use that money elsewhere, like a down payment on a home.
“The truth is that most Americans don’t have the luxury of going into a savings account and accessing thousands of dollars for care that they want or need,” Sun said in an interview with Know Your Value.
In her own experience, Sun underwent three egg-freezing cycles, costing her approximately $40,000.
In addition to making fertility treatments more affordable and accessible, Carrot Fertility empowers women to do things on their own terms and not their ticking biological clock, giving them more opportunities to stay competitive in the workforce if they choose to.
Furthermore, Sun wants access to fertility treatments to be more than just a nice-to-have in order to increase gender diversity in the workforce and attract and retain workers, a heightened concern since the Great Resignation, which disproportionately affected more women than men.
“About 95% of people who use the Carrot product say that they are more willing to stay at that job because they are engaged with Carrot than without it,” Sun said.
Carrot today works with over 800 companies to add fertility care to their health coverage, including Clif Bar, Instacart, Snap Inc., Zoom, and Peloton, to support millions of employees and their families across 120 countries. Some of the treatments that are supported by Carrot include egg-freezing, IVF, adoption, pregnancy, and menopause treatments.
Photo credit: Carrot Fertility