Stepful, the company dedicated to reimagining healthcare training for allied health professional jobs, has announced it has raised $31.5 million in a Series B funding round led by Oak HC/FT and with participation from Y Combinator, Reach Capital, AlleyCorp, SemperVirens, Company Ventures, Green Sands, ECMC Education Impact Fund, Intermountain Ventures, and Cedar Pine.
Stepful offers educational training programmes for entry-level positions, including medical assistants, medical admins, and pharmacy technicians, as well as advanced programmes for licensed practical nurses and surgical technicians. The platform is designed for working adults, mainly from historically underserved communities, providing virtual instructor-led courses that include live, cohort-based learning sessions and one-on-one coaching for those looking for entry-level positions in hospitals and healthcare settings. Its programme’s bite-sized, asynchronous, interactive learning modules allow students to manage their studies alongside other commitments. At the same time, AI-powered feedback offers personalized support and outreach to ensure students don’t fall behind.
Speaking on the fundraising, Carl Madi, CEO of Stepful, said:
This funding supports our mission to make healthcare training more accessible while addressing the U.S. shortage of healthcare workers. It enables us to reach more students, ensuring our graduates can transition into high-demand roles more quickly, grow our practical nursing offerings, and open new schools in key regions. We’re also enhancing our capabilities to better serve healthcare employers by adding tools for screening and vetting, analytics, on-site learning support, and pursuing strategic acquisitions.
Stepful’s approach yielded industry-leading results, including an 87% NHA CCMA exam pass rate (ten points higher than the national norm) and a 75% completion rate. It presently has 13,000 monthly active students and a network of over 8,000 hospital partners where students can receive hands-on clinical training. Unlike other trade schools, it is an AI-powered learning platform that offers a faster format, lower pricing, and job placement for students who complete the programme. The company’s operations have grown significantly, from 50 students in 2021 to over 30,000 enrollment projected in 2024.
Vig Chandramouli, Partner of Oak HC/FT, added:
Stepful is addressing a significant unmet need to mitigate the health professional labour shortage while creating a win-win situation for students and employers. The quality and outcomes of Stepful’s programme have proven to be superior to current options, with higher graduation rates, certification pass rates, and job placement rates, all at a lower cost. We’re proud to partner with Stepful as they scale their impact.
The firm will use this funding to expand its B2B offering and grow its health system partnerships.
As the $28 billion healthcare training market expands despite labour constraints, Stepful positions itself as an end-to-end workforce solution for healthcare employers, providing capabilities such as online training, on-site learning support, and analytics. By partnering with major healthcare providers such as Providence, Ohio State University Physicians, and Johns Hopkins All Children’s Hospital, its expanding B2B sector is well-positioned to assist systems in directly feeding their labour pool with well-trained, talented people.
