Soda Health gets $25 million to simplify benefits
Benefits-matching startup Soda Health of Bentonville raised $25 million in Series A funding, CEO Robby Knight exclusively tells Axios Pro's Health Tech author Erin Brodwin.
Why it matters: Medicare Advantage is an increasingly competitive market, with plans amplifying supplemental benefits to edge out would-be rivals.
How it works: Knight, the former head of consumer health innovation at Walmart, says Soda straddles retail, finance and health care in an effort to simplify supplemental benefits.
- Benefits are often difficult to locate — not to mention use — and typically arrive in a combination of mail-order, online and in-person formats.
Yes, and: Soda matches people with what Knight calls "personalized" benefits, then provides them with a single prepaid debit card to use at participating retailers.
- The company is currently focused on the Medicare Advantage and Medicaid markets, where it faces fewer rivals, but also has an expanding presence in the employer sector.
What's next: Knight says the company is on track to serve half a million people in the next 12 months.
- Soda aims to build up its presence in the employer sector and offer its services to nonprofits next.
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