The Venture Codex

Participated · Series B · Dec 2024

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.

Participated · Series C · Mar 2023

Medwing operates a digital recruitment marketplace for Europe’s healthcare workforce, matching hospitals, clinics and recruitment agencies with nurses, elderly caregivers and other medical professionals. Founded in Berlin in 2017, the platform is available in Germany and the U.K. and also serves pharmacists, midwives and doctors. The product offers an end-to-end digital workflow covering job search, contracts, signatures and timesheets and reports about 5,500 registered medical employers and 500,000 healthcare professionals. Medwing says it achieves a 75% fill-rate for temporary requests within one or two days and works directly with major clients such as Charité. Prior to this round the company had raised around €43M; it has now secured €44M ($47M) in a Series C. With the new funding Medwing expects to reach profitability by the end of this year based on its existing presence and plans to expand into additional European markets. Medwing operates an automated job-matching platform that connects healthcare workers with hospitals, nursing homes and other medical institutions, prioritizing candidate preferences for flexible or permanent roles. The company focuses on Europe and has registered more than 200,000 workers and 2,500 partner employers, including 80% of hospitals in Berlin. Employers pay a commission for each successful placement; the platform adds about 15,000 new applicants monthly, places over 100 professionals in permanent roles each month and fills roughly 2,000 individual shifts. Around 20% of users are seeking non-permanent jobs, and Medwing also offers career consulting services to job seekers. The startup employs a team of over 200 people from more than 30 countries and has provided some services pro bono during the COVID-19 crisis. Cathay Innovation and company representatives say the pandemic’s impact on Medwing’s revenue has been slight and that demand should normalize as the crisis eases.

Led · Equity · Jan 2023

PayMedix provides a payments and consumer engagement platform that guarantees full and prompt payment of in‑network allowed charges to participating healthcare providers, serving patients, providers, employers and TPAs. The platform gives all consumers a simplified summary of their healthcare activity and acts as a financial safety net, regardless of patients' credit histories. PayMedix can be implemented with any PPO or HMO network and has processed more than $5 billion in medical payments for hospital systems and physician practices. The company says it has grown 40% over the last 18 months and is enhancing its fintech platform to offer a complete solution for the healthcare payment equation. Future plans in the article include further platform development, increased staffing, and geographic expansion to meet rapidly growing demand from providers and employers. PayMedix began as the financing arm of Wisconsin‑based Health Payment Systems (HPS) more than a decade ago. Health Payment Systems (HPS), founded in 2005 and based in Milwaukee, provides healthcare billing and payment technology and services centered on its patented SuperEOB® and advanced electronic data interchange (EDI). The SuperEOB consolidates and transmits claims and payment information between stakeholders to produce a single monthly statement and payment for consumers. HPS’s platform enables outsourced billing and collections and faster payment for providers, and aims to improve customer service for insurers and employers. The company has processed over $1.6 billion in claims and its provider network encompasses over 96 percent of healthcare providers in Wisconsin; it is a partner to all major health plans and practitioners in the state. HPS says it will use the new capital to accelerate growth of existing products and to expand its product offerings as it pursues expansion beyond Wisconsin.

Participated · Debt Financing · Jan 2023

DailyPay offers an On-Demand Pay platform designed to give employees more flexibility and control over when they access their earnings, positioning itself as a modern financial-wellness solution. The company emphasizes its role in “modernizing the employee pay experience,” aiming to improve workers’ financial stability while supporting employer payroll operations. On December 30, 2025, DailyPay secured a new $195 million senior secured revolving credit facility, which the firm says will fortify its balance sheet and fund targeted growth investments. Chief Financial Officer Deepa Subramanian stated that the financing underscores the scalability of DailyPay’s business model and its critical role in the evolving payroll ecosystem. The fresh capital enhances the company’s financial flexibility at a time when it is pursuing long-term expansion initiatives. Although specific operating metrics such as revenue or user numbers were not disclosed, the size and structure of the new facility suggest lender confidence in DailyPay’s growth trajectory.

Participated · Series A · Oct 2022

EcoCart builds an infrastructure for e-commerce brands to calculate, analyze and offset product carbon emissions and surface sustainability information in the shopping experience. The company performs product life cycle audits and offers features such as product-detail-page content, educational homepage banners, live impact counters and in-depth sustainability reporting. Brands using EcoCart report over 60% customer adoption of its tools, up to a 22% lift in conversion rate and a 38% increase in average order value. Since its seed round the company has expanded capabilities and now serves over 2,000 brands, including Siete Foods, Supergoop! and Bird, after growing revenue more than 8x and headcount from 5 to over 30. EcoCart plans to use the Series A to hire across product, sales and marketing, continue building its merchant product suite and expand its projects portfolio to identify additional opportunities. The company says it is moving upmarket to support larger retailers such as Walmart. EcoCart offers a consumer-facing browser extension and an e-commerce checkout integration that enable shoppers to offset the carbon emissions from their purchases. The company also provides a carbon accounting tool and an offsetting offering for businesses. EcoCart monetizes through affiliate commissions paid by brands and uses a portion of those proceeds to fund offsets sourced from providers such as ClimeCo and BlueSource. It developed a proprietary algorithm to estimate emissions from orders using factors like material inputs, shipping distance, and package weight. EcoCart launched its B2B integration in June of last year and now counts 500 vendors as customers, with about a quarter of customers choosing to offset at checkout. Across partnerships and affiliate channels the company works with about 10,000 companies and says it has helped capture an estimated 25 million pounds of CO2.