+22%

est. 2Y upside i

EdTechSeries A

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

Rank

#1548

Sector

Educational Technology

Est. Liquidity

~5Y

Data Quality

Data: Low

CodeCombat offers limited upside (22% expected) with high risk.

Last updated: July 19, 2026

Bull (15%)+110%

AI HackStack and Roblox partnership drive category leadership and acquisition interest. Exit multiple expands to 5x projected revenue, yielding a $37.3M exit. Net of 20% dilution, upside is 110%.

Base (55%)+64%

Steady growth as schools adopt game-based learning; exit multiple converges toward EdTech comps at 4x revenue, giving a $29.8M exit. After 20% dilution, upside is 64%.

Bear (30%)-100%

Competition from Tynker and big tech, plus slow adoption, compresses multiple to 1x revenue; exit value $7.45M is below $8.33M total funding. Common stock recovers -100% due to preference stack.

Est. time to liquidity~5.0 years

Preference Stack Risk

severe

Funding Intensity

5140%

Total funding of $8.33M represents 51% of the $16.2M valuation, meaning preferred shareholders have a large claim ahead of common in any exit.

Dilution Risk

high

No raise since May 2023, and with a net loss of $2.4M, a down-round or dilutive raise within 24 months is likely.

Secondary Liquidity

none

No secondary market data exists; employee equity is illiquid until an exit.

Questions to Ask at the Interview

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

  • 1

    “How will CodeCombat achieve profitability given the current net losses of $2.4M on $5.4M revenue?”

  • 2

    “What is the customer acquisition cost and lifetime value for school districts vs. individual subscribers?”

  • 3

    “What is the expected timeline to a liquidity event, and does the company plan to raise more capital?”

Community

Valuation Sentiment

Our model estimates +22% 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.