Investors / Stepchange
Stepchange
Venture capital
Stepchange is an investment firm that backs companies working on energy abundance and critical infrastructure. Its portfolio spans 22 companies across six sectors.
Invests inEducationAI & Machine LearningReal Estate & Construction
In its own wordsenergy transitioninfrastructuretransportationbuilt environmentai infrastructureresilience
Your fit with Stepchange
Four questions about your startup
See how your round matches what it backs, point by point.
Or find every investor that fitsStepchange lists 22 checked portfolio companies on its own site and is named in 4 funding rounds, 1 of them as lead. Its most frequent entry is Seed, 100% of the companies with a known first round. Its largest themes are Education (19%), AI & Machine Learning (16%) and Real Estate & Construction (16%). 86% of its companies are based in United States. It invests most often alongside Leap Forward Ventures, Powerhouse Ventures and Override.
Counts come from funding rounds that name Stepchange, complete from mid-2025: earlier rounds appear only when they were reported later. Round amounts and full round histories are on Fundup AI.
Round figures show recent activity, not Stepchange's whole history. Rounds on record name 4 companies; its own site lists 22. Funding rounds are complete from mid-2025, so counts and the yearly trend undercount a firm that invested before then. The portfolio, themes and places come from its own site and are not affected.
Entry stage
share of companies by the stage of its first roundStepchange does not state its stages on its site, so only what it does is shown.
Show as a table
| Value | |
|---|---|
| Pre-seed | 0% |
| Seed | 100% |
| Series A | 0% |
| Series B | 0% |
| Growth | 0% |
Activity by year
rounds it joined, last 10 yearsShow as a table
| Total | Rounds it led | |
|---|---|---|
| '17 | 0 | 0 |
| '18 | 0 | 0 |
| '19 | 0 | 0 |
| '20 | 0 | 0 |
| '21 | 0 | 0 |
| '22 | 0 | 0 |
| '23 | 0 | 0 |
| '24 | 0 | 0 |
| '25 | 1 | 0 |
| '26 | 3 | 1 |
Investor profile
percentile among all firmsShow as a table
| Measure | Percentile of all firms | Value |
|---|---|---|
| Portfolio size | 55th | 22 companies |
| Recent activity | 82th | 4 rounds in 12 months |
| Early stage | 100th | 100% of entries at pre-seed or seed |
| Evidence | 75th | 9% of companies confirmed by a round |
| Sector focus | 11th | 19% in its largest sector |
| Reach | 58th | 3 countries |
Investment themes
share of its checked companiesThis firmAll checked companies
Show as a table
| This firm | All checked companies | |
|---|---|---|
| Education | 19% | 7% |
| AI & Machine Learning | 16% | 18% |
| Real Estate & Construction | 16% | 3% |
| Fintech | 16% | 12% |
| Space & Defense | 7% | 3% |
| Industrial & Manufacturing | 7% | 7% |
| Enterprise Software | 7% | 8% |
| E-commerce & Marketplaces | 5% | 6% |
Invests most often with
firms sharing its portfolio companiesShow as a table
| Share | |
|---|---|
| Leap Forward Ventures | 4 |
| Powerhouse Ventures | 4 |
| Override | 3 |
| Virta Ventures | 3 |
| Acclimate Ventures | 2 |
| Blackhorn Ventures | 2 |
| Buoyant Ventures | 2 |
| City Light | 2 |
Its portfolio companies
where they are based, and what their own sites showSite status
- Site answers22100%
- No longer answers00%
- Points to another company00%
- Parked or sold domain00%
A site that stops answering three checks in a row is counted as no longer answering; that is not proof of closure. A site that points to another company is often an acquisition.
Co-investor network
who it backs companies with, and who they back togetherAll co-investors or Compare portfolios with Leap Forward Ventures
Compare Stepchange head to head
portfolio size, rounds, entry stages, themes and the companies both backThree or more firms at once: portfolio overlap.
Recent portfolio activity
when companies last raised with Stepchange| Date | Company | Stage |
|---|---|---|
| 10 Aug 2026 | Seed Led | |
| 12 Mar 2026 | Seed | |
| 18 Nov 2025 | Seed |
Round details for Stepchange
Amounts, full round histories and every co-investor in Stepchange's rounds are on Fundup AI. VCinfo covers investors and their portfolios.
Portfolio
22 companies checked against their own sites| Company | What it does | Themes | First round with it | Evidence |
|---|---|---|---|---|
| Aarden underwrites land-dependent investment decisions by combining infrastructure and nature data, market trends, and community interests to determine potential returns for each parcel in an area of interest. | Real Estate & ConstructionFintech | Portfolio page | ||
| Abode helps homeowners save money on property taxes by appealing their assessment and claiming exemptions | Real Estate & ConstructionFintech | Portfolio page | ||
| Audette helps asset and portfolio managers identify, prioritize, and plan value-accretive retrofits | Real Estate & ConstructionSpace & Defense | Portfolio page | ||
| AZX delivers AI solutions for energy, real estate, supply chain and other infrastructure industries. | AI & Machine LearningReal Estate & Construction | Portfolio page | ||
| Balto Energy offers homeowners a clear and affordable path for home energy upgrades and helps installers make those upgrades accessible to more customers. | EducationIndustrial & Manufacturing | Portfolio page | ||
| Bayou Energy provides customer utility bills, usage, and account data instantly through an API | E-commerce & MarketplacesFintech | Portfolio page | ||
| CapeZero provides a software platform for clean energy developers to navigate tax equity and tax credit financing | FintechEducation | Portfolio page | ||
| Distill Energy is a grid simulation platform that helps energy companies make better decisions with less risk. | EducationEducation | Portfolio page | ||
| Eli automates the financial workflows for America's energy upgrade, including eligibility, verification, compliance, and payments for energy programs and contractors. | FintechEducation | Portfolio page | ||
| Ezra helps companies raise debt and project finance by connecting them with lenders through their platform and deal team. | FintechReal Estate & Construction | Mar 2026Seed | Page + round | |
| FutureProof offers property-specific insurance solutions using AI-based technology to encourage risk mitigation and provide coverage | FintechReal Estate & Construction | Portfolio page | ||
| GridCARE works with utilities and data centers to bring AI infrastructure online quickly, while providing economic benefits to communities. | AI & Machine LearningE-commerce & Marketplaces | Portfolio page | ||
| Hammerhead transforms stranded power into AI-ready capacity by orchestrating power, cooling, and compute in real time | AI & Machine LearningCybersecurity | Nov 2025Seed | Page + round | |
| It's electric installs and maintains curbside electric vehicle chargers in cities | Mobility & LogisticsSpace & Defense | Portfolio page | ||
| Lemurian Labs develops a software stack that allows AI workloads to run on any hardware at any scale without modification | AI & Machine LearningEnterprise Software | Portfolio page | ||
| LGND turns decades of satellite and aerial imagery into queryable datasets, so you can find patterns, derive insights and act fast. | AI & Machine LearningSpace & Defense | Portfolio page | ||
| Nevoya is a fully-electric trucking carrier that serves shippers and 3PLs | Industrial & ManufacturingAI & Machine Learning | Portfolio page | ||
| Rhizome provides a grid planning platform with climate risk modeling and investment tools for utilities | EducationEducation | Portfolio page | ||
| Shovels collects and provides data on building permits, contractors, and land-use decisions in American local government. | Real Estate & ConstructionEnterprise Software | Portfolio page | ||
| Skyward identifies where lightning is most likely to ignite wildfires and safely reduces cloud-to-ground strikes, protecting communities, natural resources, and critical infrastructure from catastrophic wildfires. | AI & Machine LearningClimate & Energy | Portfolio page |
About this data
site last read 5 Nov 2026- Site
- stepchange.vc
- Last read
- 5 Nov 2026
- Watching since
- 6 Nov 2026
- Rounds since
- 18 Nov 2025
- Companies checked
- 22
Rates come from what VCinfo has observed since observation_start. Firms tend to remove companies that closed, so early rates understate reality. A company leaving a portfolio page does not mean it closed or exited. An unreachable site means our checks failed, nothing more.
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