Johnson & Johnson Innovation – JJDC, the strategic investment arm of medical group Johnson & Johnson, has led a $25m funding round for US-based digital health technology developer Carrot.
New York Life Ventures, the corporate venturing subsidiary of insurance firm New York Life, also participated, along with Khosla Ventures, R7 Partners, private investor Marc Benioff and Carrot founder, president and CEO David Utley.
Carrot has created a smoking cessation service called Pivot that combines a mobile app, in-app coaching and community support with a carbon monoxide breath sensor. It is initially offering the system through partnerships with employers and healthcare plans.
A representative from JJDC will join Carrot’s board of directors in conjunction with the round, which follows $5.8m of funding in August 2017 according to a securities filing. Khosla Ventures, R7, Benioff and Utley all took part in the latest round as existing investors.
Utley said: “Given Johnson & Johnson’s expertise across its medical device, consumer health and wellness, and pharmaceutical sectors, we are excited to have JJDC lead this round as we believe it takes a concerted healthcare approach to address the consequences of smoking on a global scale.
“We are also pleased to have the funding of New York Life Ventures and the continued confidence of our existing investors. Their support furthers our mission to help millions of people to quit smoking.”
