Soda Health is a private healthcare technology company focused on reducing health inequities through Smart Benefits administration. It provides a platform that helps payers and retailers deliver personalized benefits for products and services like healthy foods, OTC medications, and transportation.
Access to pre-IPO shares is available to accredited investors through UpMarket.
Soda Health shares are not on public exchanges. UpMarket provides accredited investors access through secondary market transactions.
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Soda Health announced an oversubscribed $50M Series B in January 2025; Startup Intros lists the round at $54M in December 2024. Backers included General Catalyst, Lightspeed Venture Partners, Define Ventures, Qiming Venture Partners USA and SVB Capital.
Soda Health says its platform administers and reimburses personalized 'Smart Benefits' for medical and social needs, bridging the gap between claims and retail payments. It targets social determinants of health such as food, housing and transportation, which are harder for point solutions to replicate.
Soda Health is positioned for Medicare Advantage, Medicaid and employer plan members, giving it access to large payer and benefits budgets. BVP notes health tech firms can take 10-11 years to reach $100M ARR, underscoring the scale of the addressable market if adoption expands.
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No. As of March 2026, Soda Health is a private company and does not trade on any public stock exchange. Accredited investors can access Soda Health shares through UpMarket, a FINRA-registered broker-dealer that specializes in pre-IPO investments.
Soda Health does not have a public stock price because it is privately held. The most recent known share price comes from its last funding round. Pre-IPO share prices on the secondary market may differ from the last round price depending on supply, demand, and market conditions.
Yes. Accredited investors can indicate interest in Soda Health shares through UpMarket by filling out the form on this page or creating an account at upmarket.co. All pre-IPO offerings are subject to availability and require a $50,000 minimum investment. UpMarket is a FINRA-registered broker-dealer and has brokered more than $500M in alternative investments since 2019.
Pre-IPO investments carry significant risks. Soda Health shares are illiquid, meaning there is no public market to sell them quickly. There is no guaranteed exit timeline or return. The investment is speculative in nature, and investors should be prepared for the possibility of total loss. Valuations of private companies can fluctuate substantially between funding rounds. Investors should consult their financial advisor and review all offering documents before investing.
In a pre-IPO transaction, accredited investors purchase shares from existing shareholders (such as employees, early investors, or other holders) through secondary market platforms. The company itself does not issue new shares in these transactions. UpMarket facilitates these trades as a FINRA-registered broker-dealer, handling compliance, documentation, and settlement on behalf of both parties.
There are two primary exit paths for pre-IPO holdings: selling your shares on the secondary market to another buyer, or holding until the company completes an IPO or is acquired. Both paths are subject to transfer restrictions, company approval (right of first refusal), and market conditions. The timing of any exit is unpredictable, and investors should plan for a multi-year holding period.
The minimum investment for most pre-IPO offerings on UpMarket is $50,000. This amount may vary depending on the specific offering and share availability. There are no fees to create an UpMarket account or browse available investments. Investors only pay transaction-related fees when they complete an investment.
UpMarket's valuation estimate of is derived from a proprietary model that incorporates multiple data sources: funding round data (Caplight), revenue estimates (Sacra), secondary market pricing, and public company comparables. The model applies a private company discount to the public comp multiple to account for illiquidity and information asymmetry. This estimate is not investment advice and may differ substantially from the price at which shares actually trade.
Soda Health is a private healthcare technology platform focused on Smart Benefits administration to reduce health inequities, and it raised $54M in Series B funding in December 2024— accredited investors can access Soda Health stock through UpMarket.