New York-based Stepful, which targets staffing shortages in healthcare, has raised $31.5 million in a Series B funding round led by Stamford, Conn.-based Oak HC/FT. Other investors included New York’s Company Ventures and AlleyCorp Impact, and Y Combinator, Reach Capital, SemperVirens, Green Sands, ECMC Group, Intermountain Venture Fund and Cedar Pine.
Co-founded by the trio of CEO Carl Madi, former Apple engineer Edoardo Serra and Tressia Hobeika, Stepful has previously raised $36.3 million since setting out to ease healthcare shortages that began in the Covid-19 era, including a $12 million Series A in February.
Madi previously led global strategy at Uber, working in the Netherlands as well as in the United Arab Emirates. He has also served consulting firm A.T. Kearney. Hobeika previously worked at edtech startup Udacity and consulting firm Oliver Wyman in Dubai. Serra was an Apple engineer for nearly a decade, during which time he notably oversaw Siri’s global expansion, and development of the Italian-language version.
Training Smarts
“This funding supports our mission to make healthcare training more accessible while addressing the U.S. shortage of healthcare workers,” said Madi, a graduate of the Wharton School. “It enables us to reach more students, ensuring that 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 to pursue strategic acquisitions.”
Stepful uses an AI-powered platform to train people without college degrees for healthcare jobs. It leverages technology, notably mobile, to attain its goal. So far, over 3,000 students have been trained and placed in jobs such as medical assistants, pharmacy technicians, surgical technologists and licensed practical nurses. Stepful expects nearly 30,000 enrollments this year.
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Stepful claims an 87% pass rate in NHA CCMA exams for medical assistants, 10 points higher than the national average, and a 75% completion rate. It currently serves 13,000 monthly active students and boasts a network of over 8,000 healthcare partners where students complete hands-on clinical training.
‘Addressing Unmet Need’
Oak HC/FT partner Vig Chandramouli said Stepful is addressing a “significant unmet need to mitigate the health professional labor shortage, and they’re doing it while creating a win-win situation for both students and employers.” The quality and outcomes of Stepful’s program have proven to be superior to current options, he added, citing “higher graduation rates, certification pass rates, and job placement rates, all at a lower cost.”
According to the American Hospital Association, the U.S. healthcare system faces a shortage of 3.2 million allied healthcare workers, nurses, and mental health professionals by 2026.
