Stedi Valuation, Funding & Investors
Stedi is valued at $200M as of August 2020.
Last Stedi valuation
$200M
Series B · Aug 2020
Last Stedi funding round
$50M
Series C · Mar 2026
Cumulative funding Stedi raised
$145M
across 6 funding rounds
Key investors in Stedi
Stripe
SV Angel
First Round Capital
BoxGroup
Union Square Ventures
Bloomberg Beta
About Stedi
Stedi is an api-first healthcare clearinghouse enabling healthcare technology businesses and established players to exchange mission-critical transactions. The company offers modern JSON-native APIs for eligibility checks, claims submission, transaction enrollment, and more, automatically translating requests into HIPAA-compliant X12 EDI format. The platform connects to over 3,400 payers and supports both real-time and batch EDI processes. Backed by $92 million from Addition, Stripe, Union Square Ventures, First Round Capital, Bloomberg Beta, and other investors, the company provides cloud-native, multi-region infrastructure with dedicated customer support channels.
Founded
2017
HQ
New York City, NYWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$200M (Aug 2020)
Stedi Valuation
Stedi is currently valued at $200M, based on its Series B in August 2020.
The $50M round included Stripe, Union Square Ventures and Addition.
Stedi valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2020 | Series B | $200M |
Stedi Funding History
Stedi has raised a total of $145M across 6 funding rounds.
Stedi's first fundraising round was a $1M angel round in January 2017. The most recent completed round was a $50M Series C in March 2026.
Stedi funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2026 | Series C | Addition (lead); Max Mullen; Stripe; First Round Capital; BoxGroup; Union Square Ventures; Bloomberg Beta; Jack Altman; Guillermo Rauch; Tobias Lütke; Ribbit Capital; Charlie Songhurst | $50M | - | - |
| Nov 2024 | Series B | Stripe (lead) | $20M | - | Stedi is a cloud-native, API-first platform providing healthcare transaction infrastructure, including digital mailboxes for business transactions and clearinghouse services, positioning itself as an alternative to legacy systems amid events like the Change Healthcare outage. The company announced a $70 million Series B funding round co-led by Stripe and Addition, with participation from USV, First Round, Bloomberg Beta, BoxGroup, Ribbit Capital, and others; this includes a previously unannounced $50 million round plus $20 million of new capital in November 2024 led by Stripe. The funding aims to expand market reach, enhance AI capabilities such as the Stedi Agent for AI functionality within the platform, and support Revenue Cycle Management (RCM) undergoing AI-driven transformation, including new integrations like the MCP server. Stedi has raised a total of approximately $95 million across five rounds since 2017, backed by 17 investors. Traction includes being named Ramp’s 3rd-fastest growing software vendor in April 2025 and signing 5x the number of customers compared to the peak of the Change outage recently; it has become the de facto choice for new venture-backed health tech companies and is gaining adoption among later-stage health tech and traditional institutions shifting from legacy clearinghouses. |
| Aug 2020 | Series B | Stripe; Union Square Ventures; Addition | $50M | $200M | Stedi raised $50.1 million in a Series B funding round on August 17, 2020, with investors including Stripe, Union Square Ventures, Bloomberg Beta, First Round Capital, and Susa Ventures. The round brought the company's total funding to approximately $72.37 million at that time. Stedi, based in Denver after moving from Boulder, develops B2B transaction recording software, focusing on digital mailboxes for business transactions. The funding aimed to further develop the network of digital mailboxes and scale operations. Later rounds included additional Series B extensions, such as $20 million in 2024-2025 led by Stripe and a $70 million Series B announced in 2025 co-led by Stripe and Addition with Union Square Ventures participating, but these are distinct from the 2020 round. |
| Nov 2019 | Undisclosed stage | - | $21M | - | Stedi is a B2B platform for managing electronic data interchange (EDI) and business-to-business transaction infrastructure. The company builds a network of digital mailboxes enabling businesses to send transaction information, purchase orders, invoices, and shipping notifications to each other efficiently, even when counterparties do not use Stedi's platform directly. In November 2019, Stedi raised approximately $14.27 million to $21.3 million in its third funding round from 31 separate investors via an all-equity offering. The company was based in Boulder, Colorado at that time. |
| Jul 2017 | Seed | First Round Capital (lead); Susa Ventures (lead); SV Angel; VTF Capital; BoxGroup; Bloomberg Beta; Haystack; Ed Hallen; Ryan Petersen | $3M | - | Stedi is building an API-first clearinghouse platform for healthcare transactions, specializing in Revenue Cycle Management (RCM) infrastructure. In July 2017, Stedi raised $2.7 million in a Seed round led by First Round Capital and Susa Ventures, with participation from Bloomberg Beta, Ed Hallen, and Ryan Petersen. The company has grown to serve healthcare technology businesses and established players, enabling them to exchange mission-critical transactions through modern API interfaces alongside traditional EDI processes. By 2025, Stedi had achieved significant market traction, becoming the de facto choice for venture-backed health tech companies, with one-third of its customer base composed of AI-native companies. The company subsequently raised $70 million in Series B funding in 2025 (co-led by Stripe and Addition), demonstrating strong investor confidence in its platform and growth trajectory. |
| Jan 2017 | Angel | VTF Capital (lead); SV Angel; Susa Ventures; David Eckstein; Will Nathan; Haystack; Pentland Ventures; Sridhar Iyengar; Ryan Petersen; Michele Azar | $1M | - | - |
Who has invested in Stedi?
23 investors have backed Stedi across its funding rounds, including Stripe, SV Angel, First Round Capital, BoxGroup, Union Square Ventures and Bloomberg Beta.
Lead investors include Addition, Stripe, First Round Capital, Susa Ventures and VTF Capital.
Stedi Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 3 | Lead | Aug 2020 | |
| San Francisco, CA | 2 | Participant | Jan 2017 | |
| San Francisco, CA | 2 | Lead | Jan 2017 | |
| Philadelphia, PA | 2 | Lead | Jul 2017 | |
| Las Vegas, NV | 2 | Lead | Jan 2017 | |
| New York City, NY | 2 | Participant | Jul 2017 | |
| New York City, NY | 2 | Participant | Aug 2020 | |
| San Francisco, CA | 2 | Participant | Jul 2017 | |
| San Francisco, CA | 2 | Participant | Jan 2017 | |
| United States | 2 | Lead | Aug 2020 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Ryan Petersen | San Francisco, CA | 2 | Participant | Jan 2017 |
| San Francisco, CA | 1 | Participant | Mar 2026 | |
| Jack Altman | San Francisco, CA | 1 | Participant | Mar 2026 |
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Start Free TrialStedi Competitors
Stedi competitors include listed companies like Kusurinomadoguchi and Nordhealth, and private ones like EasySend, Maxima AI, SmithRx and Archy.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Tel Aviv | Private | $14M | - | $157M | 11.2x | |
| San Francisco, CA | Private | - | - | $143M | - | |
| San Francisco, CA | Private | - | - | $355M | - | |
| San Jose, CA | Private | $5M | - | $200M | - | |
 Japan | Publicly listed | $79M | $27M | $201M | 2.2x | |
 Norway | Publicly listed | $59M | ($1M) | $208M | 3.0x |
Stedi Public Comps
Stedi is still privately-owned, but its public comps include Kusurinomadoguchi, Nordhealth, eWeLL, Carasent, Spok, MTI Ltd., Ascom, CE Holdings, Infinitt Healthcare and Ever Fortune.AI.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $79M | $27M | 2.4x | 2.2x | 7.1x | 6.6x | |||
| $59M | ($1M) | 3.3x | 3.0x | (162.0x) | 60.3x | |||
| $22M | $11M | 7.6x | 6.5x | 15.7x | 13.2x | |||
| $35M | $9M | 5.2x | 4.4x | 19.4x | 19.9x | |||
| $140M | $24M | 1.5x | 1.5x | 8.6x | 7.1x | |||
| $192M | $39M | 0.8x | 0.7x | 3.8x | 5.6x | |||
| $356M | $39M | 0.5x | 0.5x | 4.9x | 4.6x | |||
| $102M | $18M | 1.5x | 1.5x | 8.1x | - | |||
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Common questions about Stedi
| When was Stedi founded? | Stedi was founded in 2017. |
| Where is Stedi headquartered? | Stedi is headquartered in New York City, NY, United States. |
| Is Stedi publicly listed? | No, Stedi is a private, VC-backed company. |
| What is Stedi's valuation? | Stedi was last valued at $200M in its Series B in August 2020. |
| How much funding has Stedi raised? | Stedi has raised $145M across 6 funding rounds. |
| What was Stedi's last funding round? | Stedi's last funding round was a $50M Series C in March 2026, led by Addition. |
| Who are Stedi's investors? | Stedi's investors include Stripe, SV Angel, Susa Ventures, First Round Capital, VTF Capital, BoxGroup, Union Square Ventures, Bloomberg Beta, Haystack, Addition and 13 others. |
| Which companies are comparable to Stedi? | Companies comparable to Stedi include EasySend, Maxima AI, SmithRx, Archy, Kusurinomadoguchi and Nordhealth. |
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