Stepful Revenue, Valuation, Funding & Investors

Stepful is valued at $270M as of November 2024, a 9.0x multiple on its last reported $30M revenue.

Last Stepful valuation

$270M

Series B · Nov 2024

Last Stepful funding round

$55M

Series C · Jun 2026

Stepful revenue

$30M

Series B · Nov 2024

Key investors in Stepful

  • Y Combinator
  • Company Ventures
  • Reach Capital
  • SemperVirens Venture Capital
  • Green Sands Equity
  • AlleyCorp

Stepful Overview

About Stepful

Stepful is a workforce development platform helping non-college graduates enter healthcare careers. The company offers online training programs for roles like medical billing specialists, pharmacy technicians, and patient care technicians. Partnerships with healthcare employers facilitate job placement upon program completion.


Founded

2021

HQ

United StatesNew York City, NY

Status

Privately held

Customer focus

B2C

Revenue model

Product sales

Revenue

$30M (Nov 2024)

Valuation

$270M (Nov 2024)

Stepful Valuation

Stepful is currently valued at $270M, based on its Series B in November 2024.

The $32M round was led by Oak HC/FT, with participation from Cedar Pine, Reach Capital, Y Combinator, ECMC, Green Sands Equity and 4 other investors.

Stepful valuation by funding round

Stepful valuation by funding round
DateStageValuationRevenue Multiple
Nov 2024Series B$270M9.0x

Stepful Revenue

Stepful's latest recorded revenue is $30M, as of its Series B in November 2024. At a $270M valuation, that implies a 9.0x revenue multiple.

Stepful revenue by funding round

Stepful revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Nov 2024$30M$270M9.0xSeries B

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Stepful Funding History

Stepful has raised a total of $111M across 6 funding rounds.

Stepful's first fundraising round was a $100K pre-seed round in August 2021. The most recent completed round was a $55M Series C in June 2026.

Stepful funding rounds

Stepful funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2026Series COak HC/FT (lead); Intermountain Healthcare; Y Combinator; Hearst Health Ventures; Foresite Capital; Citi Impact Fund; Education Impact Fund; SemperVirens Venture Capital$55M-Stepful raised $55 million in Series C funding on June 8, 2026, led by Oak HC/FT, with participation from Foresite Capital, Hearst Ventures, Citi Impact Fund, Y Combinator, Intermountain Health, SemperVirens, and ECMC Education Impact Fund. The company said the capital will be used to expand its AI-powered healthcare workforce training platform across health system partnerships and additional training programs. The financing is intended to support platform development and deeper partnerships with hospitals and health systems as Stepful scales its training offering for clinical workforce needs. Stepful says the round brings its total funding to $105 million, following prior rounds that included a $31.5 million Series B in November 2024. Stepful was founded in 2021 and is based in New York. It provides accelerated, AI-assisted healthcare training programs aimed at helping hospitals build, train, and retain workers, with a focus on healthcare workforce development and new degree programs.
Nov 2024Series BOak HC/FT (lead); Cedar Pine; Reach Capital; Y Combinator; ECMC; Green Sands Equity; Company Ventures; Intermountain Ventures; SemperVirens Venture Capital; AlleyCorp$32M$270MStepful is an AI-powered learning platform that offers educational training programs for entry-level and advanced healthcare professional positions, including medical assistants, medical admins, pharmacy technicians, licensed practical nurses, and surgical technicians. The company operates a direct-to-consumer model with an accelerated format, lower costs compared to traditional trade schools, and job placement support for graduates who successfully complete programs. On November 13, 2024, Stepful announced a Series B funding round of $31.5 million led by Oak HC/FT, with participation from Y Combinator, Reach Capital, AlleyCorp, SemperVirens, Company Ventures, Green Sands, ECMC Group, Intermountain Venture Fund, and Cedar Pine. The round valued the company at approximately $270 million post-money. This funding came less than nine months after the company's $12 million Series A round led by AlleyCorp Impact. Stepful demonstrated strong traction ahead of the Series B, expanding from 50 students in 2021 to more than 30,000 enrollees projected for 2024, representing exceptional growth in its direct-to-consumer business. The company's programs deliver superior outcomes compared to traditional alternatives, with higher graduation rates, certification pass rates, and job placement rates at lower costs. Oak HC/FT highlighted Stepful's strategic approach of transitioning hourly workers into healthcare roles with steady salaries and benefits, while also leveraging generative AI to enhance its platform. With the Series B proceeds, Stepful planned to expand its B2B offering and deepen health system partnerships, grow its practical nursing program offerings, open new schools in key geographic regions, and pursue strategic acquisitions. The company also aimed to enhance employer-facing capabilities including screening and vetting tools, analytics, and on-site learning support to address the significant U.S. healthcare worker shortage.
Feb 2024Series AAlleyCorp (lead); Reach Capital; Y Combinator; Green Sands Equity; 01 Advisors; Company Ventures; SemperVirens Venture Capital; Ironwood Ventures$12M-Stepful raised a $12 million Series A funding round led by AlleyCorp Impact with participation from SemperVirens Venture Capital, Reach Capital, Y Combinator, Company Ventures, Green Sands Equity, and 01 Advisors. The funding aims to expand program offerings, grow partnerships with healthcare systems, and invest in AI for personalized coaching and customized learning experiences. Stepful provides AI-powered training programs for entry-level healthcare roles such as medical assistants, medical admins, and pharmacy technicians, targeting underserved communities to address healthcare workforce shortages. The company, co-founded by CEO Carl Madi, Edoardo Serra, and Tressia Hobeika, is headquartered in New York and focuses on creating pathways to prosperity through accessible healthcare training. Following the round, Stepful added Wanda Cole-Frieman from CommonSpirit Health and Tanya Beja from AlleyCorp Impact to its board, with Allison Baum Gates from SemperVirens as a board observer. This Series A brings Stepful's total funding to $36.3 million since inception.
May 2023SeedReach Capital (lead); Y Combinator; Company Ventures; Equal Opportunity Ventures$8M-Stepful raised a $7.5M seed round led by Reach Capital with participation from Y Combinator, EO Ventures, and Company Ventures. The funding supports national expansion and new training programs to address the healthcare workforce crisis, where job openings remain unfilled for up to nine months and staff turnover hits 20%. Stepful's online platform delivers accelerated vocational education for entry-level healthcare jobs in as little as four months, reducing costs tenfold in some states from traditional two-year programs. The company targets underserved communities, providing training and job placement amid expectations of over two million new healthcare jobs in the next decade.
Jul 2022SeedNitesh Banta; Green Sands Equity; Company Ventures$5M--
Aug 2021Pre-seedJeremy Yap; Y Combinator; Unpopular Ventures$100K--

Who has invested in Stepful?

21 investors have backed Stepful across its funding rounds, including Y Combinator, Company Ventures, Reach Capital, SemperVirens Venture Capital, Green Sands Equity and AlleyCorp.

Lead investors include Oak HC/FT, AlleyCorp and Reach Capital.


Stepful Investors

Investors in Stepful by funding rounds participated
InvestorHQRoundsRoleFirst check
Y CombinatorUnited StatesSan Francisco, CA5ParticipantAug 2021
Company VenturesUnited StatesNew York City, NY4ParticipantJul 2022
Reach CapitalUnited StatesSan Francisco, CA3LeadMay 2023
Green Sands EquityUnited StatesSan Francisco, CA3ParticipantJul 2022
SemperVirens Venture CapitalUnited StatesSan Francisco, CA3ParticipantFeb 2024
Oak HC/FTUnited StatesGreenwich, CT2LeadNov 2024
AlleyCorpUnited StatesNew York City, NY2LeadFeb 2024
Cedar PineUnited StatesChicago, IL1ParticipantNov 2024
Jeremy YapUnited StatesSan Francisco, CA1ParticipantAug 2021
Intermountain HealthcareUnited StatesSalt Lake City, UT1ParticipantJun 2026
Nitesh BantaUnited StatesNew York City, NY1ParticipantJul 2022
Hearst Health VenturesUnited StatesNew York City, NY1ParticipantJun 2026
Foresite CapitalUnited StatesSan Francisco, CA1ParticipantJun 2026

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Acquisitions by Stepful

Stepful has acquired 1 company to date.

Last acquisition by Stepful was on September 15th 2026. Stepful acquired St Louis College of Health Careers, Saint Louis for undisclosed valuation.


Latest Acquisitions by Stepful

St Louis College of Health Careers, Saint Louis
Description
St Louis College of Health Careers, Saint Louis is a school in Saint-louis-de-montferrand.
HQ CountryUnited States
HQ City
Saint Louis, MO
Deal Date15 Sep 2026
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Stepful Competitors

Stepful competitors include listed companies like MegaStudyEdu, KinderCare, SISB and China Beststudy Education, and private ones like Positive Development and Wiser Educação.

Public and private companies comparable to Stepful
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
MegaStudyEduSouth KoreaSouth KoreaPublicly listed$644M$139M$263M0.4x
KinderCareUnited StatesUnited StatesPublicly listed$2.7B$115M$280M1.0x
Positive DevelopmentUnited StatesWashington, DCPrivate--$280M-
SISBThailandThailandPublicly listed$75M$36M$258M2.8x
Wiser EducaçãoBrazilCuritibaPrivate--$258M-
China Beststudy EducationChinaChinaPublicly listed$284M$76M$255M-

Stepful Public Comps

Stepful is still privately-owned, but its public comps include MegaStudyEdu, KinderCare, SISB, China Beststudy Education, Navneet Education, IDP Education, Alkhaleej Training, Wilmington, NIIT Learning Systems and TIANLI Education.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
MegaStudyEdu$644M$139M0.4x0.4x2.0x1.9x
KinderCare$2.7B$115M1.0x1.0x22.8x11.2x
SISB$75M$36M2.9x2.8x6.0x6.6x
China Beststudy Education$284M$76M0.5x-1.9x-
Navneet Education$179M$58M1.7x-5.2x-
IDP Education$566M$90M0.8x0.8x5.0x3.8x
Alkhaleej Training$325M$49M1.8x-12.2x-
Wilmington$136M$24M3.0x2.4x17.4x9.4x

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Common questions about Stepful

When was Stepful founded?Stepful was founded in 2021.
Where is Stepful headquartered?Stepful is headquartered in New York City, NY, United States.
Is Stepful publicly listed?No, Stepful is a private, VC-backed company.
What is Stepful's valuation?Stepful was last valued at $270M in its Series B in November 2024.
How much funding has Stepful raised?Stepful has raised $111M across 6 funding rounds.
What was Stepful's last funding round?Stepful's last funding round was a $55M Series C in June 2026, led by Oak HC/FT.
Who are Stepful's investors?Stepful's investors include Y Combinator, Company Ventures, Reach Capital, Green Sands Equity, SemperVirens Venture Capital, Oak HC/FT, AlleyCorp, Cedar Pine, Jeremy Yap, Intermountain Healthcare and 11 others.
What is Stepful's revenue?Stepful's latest recorded revenue is $30M (November 2024).
What is Stepful's revenue multiple?Stepful's latest valuation implies a 9.0x revenue multiple ($270M valuation on $30M of revenue).
Which companies are comparable to Stepful?Companies comparable to Stepful include MegaStudyEdu, KinderCare, Positive Development, SISB, Wiser Educação and China Beststudy Education.
How many companies has Stepful acquired?Stepful has acquired 1 company, including St Louis College of Health Careers, Saint Louis.

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