Early Stage

The App that rewards you financially for walking.

The App that rewards you financially for walking.


Raised this Round: Raised: $21,712

Total Commitments ($USD)



Start Date


Close Date


Min. Goal
Max. Goal
Min. Investment


Security Type

Equity - Common

SEC Filing Type

RegCF    Open SEC Filing

Price Per Share


Pre-Money Valuation


Year Founded



Fitness & Wellness

Tech Sector


Royal Oak, Michigan

CARROT is a mobile app that offers a gamified approach to fitness tracking. The app tracks participants’ daily activity, creates customized goals and individual challenges, and provides financial incentives as rewards to help motivate people. More than 400 CEOs and HR professionals named CARROT the “Most Innovative Solution” to engage millennials in health care at the 2016 Crain’s Detroit Business Health Care Leadership Summit, and CARROT’s founder and CEO, Michael Antaran, was named as one of the “50 Names to Know in Information Technology” by Crain’s Detroit Business. So far, Michigan’s Henry Ford Health System has signed a multi-year contract, and Oakland University, the United Auto Workers (UAW) International, DTE Energy, Macomb County Government, The State Bank, and several others are now using CARROT for their employees as well.
Create a free account today to gain access to KingsCrowd analytics.

Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
CARROT 11/22/2018 Netcapital $4,967,155 $21,712 Equity - Common Funded RegCF
CARROT 04/01/2018 Netcapital $6,300,000 $41,802 Equity - Common Funded RegCF
Create a free account today to gain access to KingsCrowd analytics.

Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Valuation History

Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Employee History

Upgrade to gain access

Pay Monthly
Annually (Save 17%)


$25 /month
billed annually
Free portfolio tracking, data-driven ratings, AI analysis and reports
Plan Includes:
Everything in Free, plus
Company specific KingsCrowd ratings and analyst reports
Deal explorer and side-by-side comparison
Startup exit and failure tracking
Startup market filters and historical industry data
Advanced company search ( with ratings)
Get Edge Annual
Already a member? Log in here.

Analyst Report Analyst Report Methodology Article


At time of publication, November 15, Carrot had raised $14.1K.

The CARROT team has been selected as a “Top Deal” by KingsCrowd. This distinction is reserved for deals selected into the top 10% of our deal diligence funnel. If you have questions regarding our deal diligence and selection methodology please reach out to

CARROT was previously selected as a Top Deal. This is a reiteration and update to that initial rating.

Read our interview with Founder & CEO Michael Antaran HERE. This interview was part of our due diligence process.

Next Section: Other

A Rapidly Growing Market Opportunity

As we have all witnessed, healthy living trends have taken over younger generations and are also slowly infiltrating the lives of older individuals. From working out to counting your macros to Chipotle-style salad restaurants, living a healthier life will be at the core of generations to come. Modern-day wellness refers to holistic healthy living characterized by physical, mental, social, and spiritual well-being.

Even fast food giants like McDonald’s and Taco Bell have been pressured into introducing healthier alternatives to their traditionally calorie-heavy food menus. Consumer packaged goods companies like Pepsi and Coca-Cola have also invested in and acquired multiple healthy snack brands.

To truly understand the growth of this industry, we have to look beyond food. Beauty companies are starting to turn their attention to natural and organic materials. The way gyms are being operated and the way clothes are being designed are also changing due to wellness trends.

Currently, the wellness industry is a $4.2 trillion economy with a presence in fitness, apparel, nutrition, beauty products, corporate wellness, mental wellness, cannabis, sleep, travel, and real estate.

Next Section: Other

A Unique Approach to Wellness

CARROT is disrupting the corporate wellness industry. The startup brands itself as a gaming company that “has successfully gamified corporate health and wellness.”

The corporate wellness services industry is currently experiencing rapid growth. The global corporate wellness market size is expected to reach $84.9 billion by 2025 at a 6.8% CAGR. Today, the industry is generating $9 billion in annual revenue.

CARROT is a company riding the growth of the wellness economy with an app that promotes active living through incentivized walking. CARROT claims to have a unique focus on personalized fitness. Its proprietary algorithm features a personalized “Activity Goal” that gives each participant daily, customized targets to help ensure long-term engagement and success.

In addition to offering individuals a free platform to earn rewards, CARROT’s business model targets corporations looking to implement a corporate wellness program. CSRROT understands that employers are trying to curb rising healthcare costs by investing in these programs.

The average 2016 healthcare cost per employee was $13k, and the annual amount invested in wellness incentives per employee was $700. It is clear that many companies will try to invest more in preventative care — helping employees get and stay healthy.

Next Section: Why We Like it

Why We Like it


Since its launch in January 2016, CARROT’s patent-pending “gamified” approach to health and wellness has attracted more than a dozen paying clients amounting to over 60k users. Since June 2016, more than 80k CARROT licenses have been purchased.

In March 2016, Henry Ford Health System in Michigan launched a six-month CARROT Health and Wellness pilot program intended to evaluate the program for potential company-wide launch in January 2017. When CARROT achieved a more than 30% participation rate in just six weeks, Henry Ford Health System cut short the pilot and signed a multi-year contract with CARROT to provide its app to over 25k employees.

CARROT has been able to establish a global presence with licensed users participating in the US, Canada, Russia, Turkey, Brazil, Norway, Sweden, Switzerland, Austria, and several other countries.


Although the space is growing rapidly, there is currently no incumbent that controls the market when it comes to corporate wellness programs. Though there are many other startups, we think CARROT has plenty of room to run. With hundreds of thousands in ARR from the client base they have built locally, we think CARROT could become a market leader in the midwest and become an attractive acquisition candidate.


Barriers to participation have been eliminated at every turn. Clients like that CARROT — unlike traditional activity-based programs — is fully inclusive, allowing any individual to fully participate, regardless of level of their ability or the activity.

CARROT is a simple, easy-to-manage program. Because most rewards are digital, HR requirements are also minimized. There is no need to purchase Fitbits, and there is no password required when signing up. Keeping adoption simple for the customer is highly attractive to their base.

Business Model:

In addition to the easy onboarding and simplicity of the app, pricing is also simple. The company sells to businesses and charges a one-time setup fee of $2500 plus a “per employee per year” license fee of $10 for the first 2000 employees. Per employee per year drops to $2 for each additional employee after 2000.

On the B2C side, CARROT plans to introduce Carrot Premium in the future. The membership will allow any user to enjoy the same benefits as participants in a corporate wellness program.

The company has been able to attract over a dozen corporate clients in a span of fewer than 3 years. The team is already nearing cash flow positive and has been able to manage the business with a very lean staff, showing its ability to scale with minimal additional capital requirements.


Michael Antaran is founder and CEO of CARROT. He holds a bachelor’s degree in mechanical engineering from Wayne State University and also a master’s in mechanical engineering from Oakland University.

Antaran left a secure job to build a new startup focused on creating mobile games. Although he was doing well, Antaran’s wife was concerned that the company was contributing to a very big problem in society where people are hypnotized by their mobile screens. Because of this, Antaran told us, “So we decided it was time we were part of the solution, not the problem. As a software company with a reputation for making fun, engaging mobile games, we decided to ‘gamify’ health and wellness – and we called it ‘Carrot.’”

In 2014, Antaran was selected by Goldman Sachs to participate in its 10k Small Business Program in Detroit. The following year, Antaran was one of just 16 U.S. entrepreneurs selected to participate in a special business development program hosted jointly by Goldman Sachs and Bloomberg in New York City.

Founders: enhance your startup's credibility on KingsCrowd. Create an account to claim this raise page.
Add to portfolio
CARROT on Netcapital
Platform: Netcapital
Security Type: Equity - Common
Valuation: $4,967,155
Price per Share: $4.90

Follow company

Follow CARROT on Netcapital

Buy CARROT's Deal Report

Warning: according to the close date for this deal, CARROT may no longer be accepting investments.

CARROT Deal Report

Get KingsCrowd’s comprehensive report on CARROT including:

  • How our proprietary algorithm rates their current capital raise (1-5 stars)
  • Detailed price, market, team, differentiators, performance, and risk ratings
  • Whether CARROT is undervalued or overvalued
  • Scores on the founding team and key personnel's background and expertise
  • Our deep-dive analyst report reviewing the deal's investment potential and bullish vs. bearish outlook

Buy the CARROT deal report for only $10!

Email address:
Looking to buy more than one deal report? Get unlimited reports by upgrading to Edge