-68%

est. 2Y upside i

EdTechSeries A

Game that teaches computer science to middle and high school kids.

Rank

#1306

Sector

EdTech, Educational Software

Est. Liquidity

~4Y

Data Quality

Data: Medium

CodeCombat presents a moderate upside opportunity for a job seeker, but with a higher risk profile typical of a Series A company.

Last updated: March 10, 2026

Bull (20%)+300%

CodeCombat successfully leverages its AI and K-5 coding initiatives, expanding its market penetration significantly within the rapidly growing EdTech TAM. This drives revenue to over $25M by 2028, justifying a $100M valuation at a 4x revenue multiple, leading to a substantial return for common shareholders.

Base (45%)+100%

CodeCombat maintains steady growth in its niche, fending off direct competitors and gradually expanding its school and direct-to-consumer subscriptions. Revenue reaches $13M by 2028, resulting in a $50M valuation at a ~3.8x revenue multiple, providing a solid return for common shareholders after accounting for preferences.

Bear (35%)-90%

Increased competition from well-funded incumbents or direct rivals, coupled with slower-than-expected adoption of new features, causes growth to stall. Revenue remains flat or declines, leading to a down round or acquisition below the current valuation. With $8.3M in liquidation preferences, common stock holders would likely receive little to no return.

Est. time to liquidity~3.5 years

Preference Stack Risk

severe

Funding Intensity

33%

Investors hold $8.3M in liquidation preferences, meaning in an exit at or below this amount, common stock holders would receive nothing.

Dilution Risk

high

As a Series A company, CodeCombat will likely require multiple additional funding rounds, leading to further dilution for common equity holders.

Secondary Liquidity

none

There is no indication of active secondary markets or tender offers for CodeCombat's equity at this early stage.

Questions to Ask at the Interview

Strategic questions based on CodeCombat's data — designed to show you've done your homework.

  • 1

    “How does CodeCombat plan to differentiate itself and maintain its competitive moat against larger, well-funded players like Google Classroom, Tynker, and CodeSpark, especially with the recent focus on AI and K-5?”

  • 2

    “Given the current revenue of ~$6.5M, what are the key growth levers and strategic priorities for CodeCombat to achieve significant scale (e.g., $50M+ ARR) over the next 2-3 years?”

  • 3

    “With $8.3M in total funding and a $25M valuation, what is the company's strategy for future fundraising, and how does it plan to manage potential dilution and provide liquidity for employees?”

Community

Valuation Sentiment

Our model estimates -68% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.