- Companies
- Stepful
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
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
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$30M (Nov 2024)
Valuation
$270M (Nov 2024)
Sectors
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
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2024 | Series B | $270M | 9.0x |
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
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2024 | $30M | $270M | 9.0x | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2026 | Series C | Oak 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 2024 | Series B | Oak HC/FT (lead); Cedar Pine; Reach Capital; Y Combinator; ECMC; Green Sands Equity; Company Ventures; Intermountain Ventures; SemperVirens Venture Capital; AlleyCorp | $32M | $270M | Stepful 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 2024 | Series A | AlleyCorp (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 2023 | Seed | Reach 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 2022 | Seed | Nitesh Banta; Green Sands Equity; Company Ventures | $5M | - | - |
| Aug 2021 | Pre-seed | Jeremy 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Participant | Aug 2021 | ||
| 4 | Participant | Jul 2022 | ||
| 3 | Lead | May 2023 | ||
| 3 | Participant | Jul 2022 | ||
| 3 | Participant | Feb 2024 | ||
| 2 | Lead | Nov 2024 | ||
| 2 | Lead | Feb 2024 | ||
| 1 | Participant | Nov 2024 | ||
| 1 | Participant | Aug 2021 | ||
| 1 | Participant | Jun 2026 | ||
| 1 | Participant | Jul 2022 | ||
| 1 | Participant | Jun 2026 | ||
| 1 | Participant | Jun 2026 | ||
This data is available for Pro users. Sign up to see all 21 Stepful investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions 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
| Description | St Louis College of Health Careers, Saint Louis is a school in Saint-louis-de-montferrand. |
| HQ Country | |
| HQ City | Saint Louis, MO |
| Deal Date | 15 Sep 2026 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Stepful acquisitions and their M&A valuation multiples. Start Free Trial | |
Stepful Competitors
Stepful competitors include listed companies like MegaStudyEdu, KinderCare, SISB and China Beststudy Education, and private ones like Positive Development and Wiser Educação.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $644M | $139M | $263M | 0.4x | ||
| Publicly listed | $2.7B | $115M | $280M | 1.0x | ||
| Private | - | - | $280M | - | ||
| Publicly listed | $75M | $36M | $258M | 2.8x | ||
| Private | - | - | $258M | - | ||
| Publicly 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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $644M | $139M | 0.4x | 0.4x | 2.0x | 1.9x | |||
| $2.7B | $115M | 1.0x | 1.0x | 22.8x | 11.2x | |||
| $75M | $36M | 2.9x | 2.8x | 6.0x | 6.6x | |||
| $284M | $76M | 0.5x | - | 1.9x | - | |||
| $179M | $58M | 1.7x | - | 5.2x | - | |||
| $566M | $90M | 0.8x | 0.8x | 5.0x | 3.8x | |||
| $325M | $49M | 1.8x | - | 12.2x | - | |||
| $136M | $24M | 3.0x | 2.4x | 17.4x | 9.4x | |||
This data is available for Pro users. Sign up to see all Stepful competitors and their valuation data. Start Free Trial | ||||||||
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. |
See companies similar to Stepful
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




