Companies · Other Health Care

Carrot Inc.

REDWOOD CITY · Other Health Care

Diligence memoA one-page analyst read on Carrot Inc. — recommendation, valuation, rhythm, risks.
$51.0M
Total raised · real
5
Rounds
0.4×
Latest step-up
Top 9%
Sector rank · raised
Series B
Latest stage · inferred · Tue May 27 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Carrot Inc. looks under-valued against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the health care sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Under-valued
  • Modeled value is 0.23× the median modeled value of Series B Other Health Care companies in 2025–2027 (48 peers) — value vs value, same stage and era.
Active
  • Last raise 13 mo ago; this sector typically re-raises about every 14 months.
  • Raising on or ahead of the sector's normal rhythm.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Other Health Care

Carrot Inc. is one of 5376 Other Health Care companies tracked from REDWOOD CITY. By capital raised it ranks among the largest (ahead of 92% of sector peers), and mid-pack by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

Nigerian digital lending startup Carrot has raised US$4.2 million in seed funding to help it expand access to credit for African businesses and individuals.

Nigerian digital lending startup Carrot has raised US$4.2 million in seed funding to help it expand access to credit for African businesses and individuals.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
12
Investors (latest)
2021-09-29
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$250M$500M$750M$1.0BSeries A · 2017-08-09 Raised $5.8M (real) Modeled valuation $117M (est)$5.8M$117MSeries A2017Series B · 2018-10-12 Raised $25M (real) Modeled valuation $547M (est)$25M$547MSeries B2018Series B · 2020-03-25 Raised $6.7M (real) Modeled valuation $148M (est)$6.7M$148MSeries B2020Series B · 2021-09-29 Raised $9.6M (real) Modeled valuation $146M (est)$9.6M$146MSeries B2021Series B · 2025-05-27 Raised $4.2M (real) Modeled valuation $21M (est)$4.2M$21MSeries B2025+$25M+$6.7M+$9.6M+$4.2MCumulative $51M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series A$5.8M · 2017
Series B$24.7M · 2018
Series B extension$6.7M · 2020
Series B extension$9.6M · 2021
Series B extension$4.2M · 2025

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 50%.

Modeled valuation trajectory
$20.8M
Base estimate est.
$9.9M
Conservative case
$31.4M
Upside case
$23.3M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ba $15M–$40M round). Valuation is modeled from stage benchmarks scaled by the health care sector profile. Directional, not a quoted figure.

Series A · modeled $117.0M · 2017-08-092017Series B · modeled $547.3M · 2018-10-12Series B · modeled $148.4M · 2020-03-25Series B · modeled $145.9M · 2021-09-29Series B · modeled $20.8M · 2025-05-272025
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
64%
Survival probability
42% low · 78% high
1.36×/yr
Annual markup
1.64×/yr upside case
1.1 yr
Elapsed time used
1.1 yr actual, capped for stale marks
health care
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
23 mo
Avg between rounds
$6.5M/yr
Capital velocity
8.9 yr
On record since
2017
First round
5
Rounds on file
How it compares to the market

Benchmarked against 5376 companies in Other Health Care. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 21× above median
This company$51.0M
Sector median$2.4M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.2× of median
This company$4.2M
Sector median$17.8M
Modeled value — vs sector median (estimate, all stages) 0.9× of median
This company$20.8M
Sector median$22.1M

Raised more than 92% of sector peers (real $). Modeled value above 49% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series B) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #42 of 48.

This companyCohort peer
$10.0M$100.0M$1.0B$10.0M$100.0MCapital raised (log)Imagine Pediatrics Holdings LLC · Series B Raised $37.6M · modeled $201.0M (est)Porter Cares, Inc. · Series B Raised $48.5M · modeled $183.7M (est)True Medicine Inc. · Series B Raised $42.7M · modeled $175.7M (est)CranioVation, Inc. · Series B Raised $56.7M · modeled $174.9M (est)Seriously Clean LTD. · Series B Raised $32.5M · modeled $166.2M (est)Reprieve Cardiovascular, Inc. · Series B Raised $82.4M · modeled $152.9M (est)CODAN US Holding Corp · Series B Raised $27.8M · modeled $144.5M (est)CODAN US Corp · Series B Raised $27.7M · modeled $144.1M (est)Conceivable Life Sciences Inc. · Series B Raised $63.5M · modeled $142.7M (est)KeyCare, Inc. · Series B Raised $54.4M · modeled $142.6M (est)Particle Dynamics Holdings, Inc. · Series B Raised $30.9M · modeled $140.5M (est)EvolvedMD, Inc. · Series B Raised $49.0M · modeled $139.0M (est)Carrot Inc. (this company) Raised $51.0M · modeled $20.8M (est)Carrot Inc.
CompanyStageRaised · realValue · estvs peer med.
Imagine Pediatrics Holdings LLCSeries B$37.6M$201.0M2.18×
Porter Cares, Inc.Series B$48.5M$183.7M2.00×
True Medicine Inc.Series B$42.7M$175.7M1.91×
CranioVation, Inc.Series B$56.7M$174.9M1.90×
Seriously Clean LTD.Series B$32.5M$166.2M1.81×
Reprieve Cardiovascular, Inc.Series B$82.4M$152.9M1.66×
CODAN US Holding CorpSeries B$27.8M$144.5M1.57×
CODAN US CorpSeries B$27.7M$144.1M1.57×
Conceivable Life Sciences Inc.Series B$63.5M$142.7M1.55×
KeyCare, Inc.Series B$54.4M$142.6M1.55×
Particle Dynamics Holdings, Inc.Series B$30.9M$140.5M1.53×
EvolvedMD, Inc.Series B$49.0M$139.0M1.51×
Carrot Inc. this companySeries B$51.0M$20.8M0.23×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series A$5.8M2017-08-09$26.4M$117.0M90%
Series B$24.7M2018-10-12$137.3M$547.3M90%
Series B$6.7M2020-03-25$37.2M$148.4M90%
Series B$9.6M2021-09-29$53.5M$145.9M90%
Series B$4.2M2025-05-27$23.3M$20.8M45%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series A$5.8M2017-08-09
    • First recorded raise — entered as Series A.
    • 5 investors on this round.
  2. Series B$24.7M2018-10-12
    • Raised 14 mo later, in step with the ~14 mo sector norm.
    • Round 4.3× larger than the prior — scaling up.
    • 8 investors on this round.
  3. Series B$6.7M2020-03-25
    • Raised 17 mo later, in step with the ~14 mo sector norm.
    • Round 3.7× smaller than the prior — bridge or down round.
    • 9 investors on this round.
  4. Series B$9.6M2021-09-29
    • Raised 18 mo later, in step with the ~14 mo sector norm.
    • Round 1.4× larger than the prior — scaling up.
    • 12 investors on this round.
  5. Series B$4.2M2025-05-27
    • Raised again after 44 mo — slower than the ~14 mo sector norm.
    • Round 2.3× smaller than the prior — bridge or down round.
Intelligence
2027 ~Q2
Modeled next raise · ~23mo cadence
$4.2M
Modeled next size est.range $4.2M$6.7M
0.4×
Last step-up
$6.5M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Samir Kaul31 other2017-08
ASHA NAYAK2 other2021-09
Ryan Phillips2 other2021-09
David Utley1 other2017-08
Jack Stoddard1 other2018-10
Stacy Feld1 other2018-10
Elizabeth Burr2020-03
Registry & provenance

Carrot Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1714744
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
NovaSom, IncOther Health CareSeries B$53.9M$82.0Mnetwork1 shared operator · same sector · same stage
Lightship Inc.Other Health CareSeries B$86.2M$122.4Mnetwork1 shared operator · same sector · same stage
Dentologie Enterprises, Inc.Other Health CareSeries B$50.7M$22.3Msame sector · same stage
IDev Technologies IncOther Health CareSeries B$44.2M$18.4Msame sector · same stage
iSpecimen Inc.Other Health CareSeries B$40.1M$22.8Msame sector · same stage
Vicarious Surgical Inc.Medical DevicesSeries B$55.9M$51.1Mnetwork1 shared operator · same stage
AliveCor, Inc.Other Health CareSeries C$105.9M$1.2Bnetwork1 shared operator · same sector
Lanx IncOther Health CareSeries B$33.6M$22.3Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
DexCare, Inc.Other Health CareSeries C$511.7M85%
MintHealth Inc.Other Health CarePre-Seed$11.6M84%
Toro Management LLCOther Health CarePre-Seed$420K84%
SweetBio, Inc.Other Health CareSeries A$7.7M84%
Hubly Inc.Other Health CareSeries A$24.4M83%
Cartiva, Inc.Other Health CareSeries A$141.3M83%
Sparta Biomedical Inc.Other Health CareSeries A$63.7M82%
Phyto Management LLCOther Health CarePre-Seed$13.9M82%
Frequently asked
How much funding has Carrot Inc. raised?
Carrot Inc. has raised approximately $51.0M in disclosed capital across 5 recorded financing rounds, aggregated from public filings.
What is Carrot Inc.'s estimated valuation?
Provath's modeled valuation for Carrot Inc. is approximately $20.8M (modeled range $9.9M–$31.4M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Carrot Inc. at?
Carrot Inc.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Tue May 27.
What does Carrot Inc. do and where is it based?
Carrot Inc. operates in the Other Health Care sector, based in REDWOOD CITY. Nigerian digital lending startup Carrot has raised US$4.2 million in seed funding to help it expand access to credit for African businesses and individuals.
Explore related

See where Carrot Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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