REDWOOD CITY, Calif., July 8, 2020 /PRNewswire/ -- Digital health company Carrot Inc. today announced that AllegisNL Capital invested in its latest round of financing to accelerate commercialization of its Pivot tobacco cessation program. AllegisNL is backed by one of the largest life insurance companies globally. Carrot is AllegisNL's first investment from its newest fund, focused on globally disruptive companies driving innovation in financial infrastructure, insurance, and digital health. AllegisNL joins Carrot's current investor group - Khosla Ventures, Johnson and Johnson Development Corporation, New York Life Ventures, Marc Benioff, Valor Equity Partners, R7 Partners and Carrot founder David Utley.
Tobacco use is the leading cause of preventable illness and death worldwide. It kills 480,000 people in the U.S. each year and more than seven million globally. The lifespan of a tobacco user is 12 years shorter than that of a person who does not use tobacco. During the COVID-19 pandemic, tobacco users are at higher risk of contracting the virus and have higher rates of complications including death.
"Providing an evidence-based preventive service like tobacco cessation at scale is imperative for improving public health," said David S. Utley, MD, Carrot founder and former Stanford head and neck cancer surgeon. "We are delighted that AllegisNL joins our other life insurance company backed investor, New York Life Ventures, in supporting Carrot. There is a clear strategic benefit for life insurers to help their customers live longer healthier lives without tobacco. In clinical trials, Pivot demonstrated a 32% quit rate."
Pivot is an evidence-based, mobile, tobacco cessation program that includes an FDA-cleared personalized carbon monoxide breath sensor (enables user to visualize their smoking behavior), a mobile app for motivation and skill building, personal coaching, free nicotine replacement medications, community support, lessons and challenges, and a clear path to helping users quit (cigarettes, e-cigarettes, smokeless tobacco).
"Using technology backed by science and proven with clinical trial outcomes to help people quit tobacco and live longer happier lives is an important benefit to society globally," said Victor Westerlind, Managing Director at AllegisNL Capital. "Carrot has an extremely accomplished team that can bring this to market at scale and we are excited to join them on this opportunity."
About Carrot Inc.
Carrot is a digital health company that delivers clinically proven, behavioral science-based solutions that empower people to take control of their personal health. Carrot's first product is Pivot, a program designed to help people quit tobacco on their terms. In the future, Carrot will deliver additional products and services that address other chronic conditions such as alcohol and drug addiction, weight loss and exercise, digestive health, and diabetes prevention and management. To learn more, visit carrot.co.
Pivot is an evidence-based, mobile, tobacco cessation program that includes an FDA-cleared personalized carbon monoxide breath sensor (enables user to visualize their smoking behavior), a mobile app for motivation and skill building, personal coaching, free nicotine replacement medications, community support, lessons and challenges, and a clear path to helping users quit (cigarettes, e-cigarettes, smokeless tobacco). To learn more, visit pivot.co.
About AllegisNL Capital
Backed by one of the largest life insurance companies in the world, AllegisNL is part of the Allegis Capital family of venture capital funds based in Palo Alto, CA and invests in innovative companies at the intersection of technology, finance, insurance and digital health.
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SOURCE Carrot Inc.