The fundraising will allow Soda Health to expand its offering of data products and services and expand its support to new benefit categories.

BENTONVILLE, Ark., December 3, 2024 (GLOBE NEWSWIRE) — Soda healtha health technology company that improves the use of benefit dollars to improve health outcomes and reduce inequities, today announced $50 million in Series B funding. General Catalyst led the round with additional capital from former Humana CEO Bruce Broussard and participation from existing investors Lightspeed Venture Partners, Define Ventures, Qiming Venture Partners USA and SVB Capital. General Catalyst’s Caitlin Donovan has joined Soda Health’s board of directors.

In 2024, more than 33 million seniors will rely on Medicare Advantage for $131 billion in additional benefits and rewards, a key enrollment driver as inflation continues to increase the cost of groceries and over-the-counter products. Despite this, the administration of these benefits has not kept up with technology, retail trends, or purchasing behaviors, limiting how health plans and members can optimize their spending and leaving them frustrated with inaccurate item assortments and confusion over what products can be purchased. , and outdated methods to access their benefits.

Soda Health’s Benefits Administration Platform aims to address these challenges by aligning incentives between payers, retailers and consumers to unlock greater value and deliver better outcomes for everyone. To meet the essential needs of health plans and their members, Soda Health operates an extensive retail network to streamline the delivery of food benefits, health products and pharmacy services nationwide. The platform provides benefits to everyone through effective and personalized offers, including:

• Members enjoy a simplified benefits experience with easy-to-use smart benefits and a consumer-grade member experience to support better health outcomes and easier navigation.
• Health plans can design, launch and scale benefit programs supported by an extensive retail network and best-in-class analytics tools to improve member experiences, optimize utilization, fill gaps gaps in care and improve STAR scores.
• Retailers become a critical part of healthcare delivery by leveraging their weekly member touchpoints to drive high-ROI benefit spend and motivate the right behaviors through their integrated pharmacies and registered dietitians .

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“We are on a mission to ensure that additional benefits add value to everyone in the healthcare ecosystem – that they keep patients healthier, enable retailers to leverage their relationship with consumers, and provide a key patient touchpoint for payers,” said Robby Knight, co-founder and CEO of Soda Health.

The Soda Health Smart Benefits platform allows members to use their benefits on approved goods and services and be rewarded for easily filling care gaps at their favorite local retailers. Utilizing a first-of-its-kind open-loop payment infrastructure, Smart Benefits adjudicates item-level purchases in real-time at more than 50,000 U.S. retail locations, including Kroger, Albertsons, CVS and Hy-Vee , among other major retail chains. and local ethnic grocers. “Soda Health has built a valuable network with the most innovative retailers in the country. They are uniquely positioned to create a new incentive structure to better serve members, health plans and retailers to improve outcomes and reduce the cost of care,” said Bruce Broussard.

“We believe there are smarter ways to optimize health plan spending. Soda Health and its &more network offer a solution that uses supplemental benefit dollars more wisely, providing better data, closing gaps “Healthcare is an interconnected ecosystem. and when a company aligns the needs of payers, providers, retailers and patients, it’s a win-win.

Founded in 2021 by former Walmart and Optum executives, Soda Health has grown rapidly by improving the lives of its members every day. The Series B investment will serve as an accelerator for the growth of the company’s retail transactions and improve core services. The funds will be used to scale operations, launch new data products, and expand capabilities into new CMS-compliant benefit categories and gap-closing strategies to improve Star ratings. These advancements will enable the company to implement risk-based structures with Medicare Advantage and Medicaid plans and significantly expand the set of CMS-compliant benefit offerings to measurably reduce the cost of care and improve health outcomes.

To learn more about Soda Health, the Smart Benefits platform and other solutions for health plans, visit our website.

About Soda Santé

Soda Health aims to reduce health inequities in the healthcare industry through its unique Smart Benefits technology platform. Smart Benefits connect people to the products and services they need, when they need them, so they can live healthier lives. Soda Health partners nationally with health plans and retailers to offer expanded benefits for essential products like healthy foods, over-the-counter medications or transportation. Beyond facilitating transactions, Soda Health understands the needs of each individual and connects people to the resources they need to live healthier lives.

About General Catalyst

General Catalyst is a global investment and transformation company that partners with the world’s most ambitious entrepreneurs to drive resilience and applied AI. We support founders with a long-term vision who challenge the status quo, collaborating with them from seed to growth and beyond. With offices in San Francisco, New York, Boston, Berlin, Bangalore and London, we have supported the growth of more than 700 companies, including Airbnb, Anduril, Applied Intuition, Commure, Glean, Guild, Gusto, Helsing, Hubspot, Kayak . , Livongo, Mistral, Ramp, Samsara, Snap, Stripe, Sword and Zepto.

Contact:

Julie Fleischer

Email: (email protected)