-53%

est. 2Y upside i

EdTechHealthcareSeries B

Online Training for Healthcare Jobs

Rank

#722

Sector

EdTech, Healthcare Training

Est. Liquidity

~3Y

Data Quality

Data: Medium

Stepful presents a strong equity opportunity with an estimated 102% expected upside over a 2-year horizon.

Last updated: March 10, 2026

Bull (30%)+270%

Stepful capitalizes on the severe healthcare worker shortage, rapidly expanding its B2B offering to major health systems and leveraging AI to launch new, high-demand programs. Revenue reaches $100M by 2028, justifying a 10x multiple and a $1B valuation, representing a ~270% upside from the current $270M valuation.

Base (50%)+70%

Stepful continues its strong growth in the direct-to-consumer market and makes steady progress in B2B partnerships. Revenue grows to $60M by 2028, maintaining a 7.5x multiple for a $450M valuation, representing a ~70% upside from the current $270M valuation.

Bear (20%)-70%

Increased competition from traditional institutions adapting faster, or new well-funded EdTech players entering the niche, slows Stepful's growth. Regulatory hurdles or challenges in maintaining clinical partnerships also impact scalability. Revenue stalls at $40M, and the multiple compresses to 2x, leading to an $80M valuation, wiping out most common-stock value given the $56M preference stack.

Est. time to liquidity~3.0 years

Preference Stack Risk

high

Investors hold $56M in liquidation preferences. In an exit at or below the current $270M valuation, common shareholders would receive value only after the $56M preference is paid out.

Dilution Risk

moderate

As a Series B company, Stepful will likely need at least one more significant funding round (Series C) before an exit, which will cause further dilution for existing equity holders.

Secondary Liquidity

limited

Secondary market activity for Stepful shares is currently limited, as indicated by Forge.

Workforce Solutions — 7 roles

Engineering — 5 roles

Growth & Marketing — 5 roles

Product — 3 roles

Student Operations — 3 roles

Finance — 1 role

View all 34 open roles at Stepful →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “Given the stated intent to pursue strategic acquisitions, what types of companies or capabilities is Stepful looking to acquire, and how will these integrate with the existing AI platform and clinical network?”

  • 2

    “With projected 30,000 enrollees in 2024 and an expanding B2B offering, how does Stepful plan to scale its operational support and maintain its high graduation and job placement rates?”

  • 3

    “As a Series B company with $56M in total funding, how does Stepful envision its path to a liquidity event (IPO or acquisition) over the next 2-4 years, and what are the key milestones to achieve that?”

Community

Valuation Sentiment

Our model estimates -53% 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.