Soda Health operates a smart benefits technology platform that connects members to products and services—like healthy foods, OTC medications, and transportation—through partnerships with health plans and retailers. The platform offers a consumer-grade member experience and tools for health plans to design, launch, and scale benefit programs supported by a broad retail network and analytics. Retail partners use the platform to integrate pharmacies and dietitians into care delivery and drive high ROI benefit spend. Led by CEO Robby Knight, the company emphasizes personalized, efficient benefit delivery to improve health outcomes and reduce inequities. Soda Health raised $50M in a Series B to support growth and continue product development. The company plans to use the funds to broaden its data products and services and to expand support for new benefit categories. Soda Health provides a technology platform to administer and reimburse supplemental benefits personalized to individual needs and delivered cost-effectively. Its system streamlines how individuals are matched with supplemental benefits from their health insurance plan and simplifies the member experience to use those resources. The company is remote-first, headquartered in Bentonville, Ark., and also maintains offices in Chicago. Leadership includes CEO Robby Knight, President and Chief Growth Officer Daryl Risinger, and Head of Operations Jared Dauman. Soda Health raised new capital to support expansion of operations and to grow its business reach. The platform is positioned to improve access to health by making supplemental benefits easier to find and use. Soda Health provides a technology platform that bridges medical claims and retail payments to deliver health care–centric payments and reimbursements for benefits not supported by traditional claims. The company aims to make healthcare transactions more like retail purchases, including use of debit‑card‑style payments, to reduce friction for consumers. Soda Health’s platform is designed to help health plans cost‑effectively administer personalized supplemental benefits while increasing utilization and sustained engagement. The company positions its products to eliminate health inequities by improving access to goods and services critical to health when financial resources are a barrier. Soda Health highlights an addressable market that includes nearly 20 million Medicare Advantage beneficiaries with supplemental benefits for OTC medications and wellness items. The company launched in Bentonville, Ark., and recently closed seed financing to support its product and go‑to‑market efforts.

Total raised

$81M

Funding rounds

3

Latest round

Series B

Latest activity

Dec 2024