Soda Health, a health tech company revolutionizing healthcare benefits utilization, announced a $50 million Series B funding round led by General Catalyst, with participation from former Humana CEO Bruce Broussard and existing investors Lightspeed Venture Partners, Define Ventures, Qiming Venture Partners USA, and SVB Capital. This funding will support Soda Health’s mission to improve health outcomes and reduce inequities by optimizing benefit spending.
Millions of seniors depend on Medicare Advantage for supplemental benefits and reward dollars, but outdated administration methods often cause frustration for health plans and members due to inaccurate assortments, unclear eligibility, and outdated access methods. Founded in 2021 by former Walmart and Optum executives, Soda Health addresses these issues through its innovative benefits administration platform. The platform streamlines benefit delivery using a broad retail network to simplify access to food, health products, and pharmacy services. It personalizes the member experience with user-friendly tools and clear information while optimizing benefit utilization through data-driven insights that enhance member engagement and program effectiveness. Additionally, it empowers retailers to connect members with health-related products and services, playing a vital role in healthcare delivery.
“We are on a mission to ensure supplemental benefits add value to the entire healthcare ecosystem, keeping patients healthier, enabling retailers to leverage their consumer relationships, and providing payors with key touchpoints to patients,” said Robby Knight, co-founder and CEO of Soda Health.
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