Benefits-matching startup Soda Health raises $25M

Soda Health, a startup aimed at matching people with personalized Medicare Advantage and Medicaid supplemental benefits, said it raised $25 million in series A funding from investors.

In a Sept. 13 news release, the startup said its platform will streamline how people are matched with supplemental benefits, which can include things like transportation and nutrition, from their insurers. In 2021, Medicare Advantage beneficiaries only used about 30 percent of the supplemental benefits available to them, according to the press release.

The company was founded in 2021 and is led by co-founder and CEO Robby Knight, former head of consumer health innovation at Walmart. The team also several other Walmart alums, including
co-founder and President Daryl Risinger, former chief growth officer for health and wellness at Walmart. 

"Supplemental benefits today are offered in a patchwork, disconnected and inefficient manner," Mr. Knight said in the release. "The funding is there, the desire to help people is there, but the infrastructure necessary to connect these disparate pieces doesn't exist. With today's funding, Soda Health will build the bridges to connect members to personalized benefits available through their plans, and with retailers where they can use those benefits." 

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