# Stepchange: portfolio, investments and team > Stepchange is a vc firm based in United States. 3 investments on record, 2 in the last 12 months, latest Jan 2026. Portfolio, stages, co-investors and team. Source: https://millionrounds.com/fund/stepchange (Millionrounds; every figure on the page links to its filing or article) United States · [Investor](https://millionrounds.com/investors) # Stepchange Last cheque observed Jan 2026; 3 cheques on record. Email VC firm Deploying now New fund $7.2M, Jun 2025 Seed Series A Transportation Built Environment Energy Transition Follow Stepchange and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fstepchange) Deploying now **67%** of best year **2** **cheques in 12 months**, 3 on record Since the last cheque **308** days **00** hrs **00** min **00** sec Median round **$9.3M** Rounds led **0 of 3** Pitch Stepchange ## Stepchange highlights - 01 2 cheques in the last 12 months - 02 Mostly Seed and Series A: 100% of its rounds ## What they do > Stepchange invests in ambitious companies building software to accelerate energy abundance and upgrade critical infrastructure. From their own website - **Type:** VC firm - **Cheque size:** Not stated - **Sectors:** Transportation Built Environment Energy Transition - **Based in:** United States - **Cold pitches:** Not stated ## The record Every round we can evidence, newest first **3 appearances** - **2026** 1 round - **Jan** **[Lucend](https://millionrounds.com/company/lucend)** Seed · NL · Golden Egg Check **$3.3M** With 6 others - **2025** 2 rounds - **Dec** **[Lemurian Labs](https://millionrounds.com/company/lemurian-labs)** Series A · US · Firms' own news pages **$28M** With 15 others - **Jul** **[Nevoya](https://millionrounds.com/company/nevoya)** Seed · US · TechCrunch **$9.3M** With 7 others An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor. ## The team We hold **3** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them. New fund on file **$7.2M** raised in Jun 2025 From its SEC filing, not a journalist: a firm that has just raised has money to deploy. ## The cheque Seed Series A Median round joined **$9.3M** the round, not its cheque Led 0 of 3 rounds **0%** - **Sole investor:** Never alone - **Last cheque:** Jan 2026 Rounds by stage said on their site - Seed *2* - Series A *1* Cheques by month Led Joined Dec 2023 Nov 2026 **Pitching Stepchange?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque. Add to your CRM *→* ## Recently backed The latest companies Stepchange put money into. [**Lucend** $3.3M · Jan 2026](https://millionrounds.com/company/lucend)[**Lemurian Labs** $28M · Dec 2025](https://millionrounds.com/company/lemurian-labs)[**Nevoya** $9.3M · Jul 2025](https://millionrounds.com/company/nevoya) ## Quick answers about Stepchange ### What does Stepchange invest in? Stepchange invests most often at Seed and Series A (100% of the rounds on record), in sectors such as Transportation, Built Environment and Energy Transition. ### How active is Stepchange? 3 investments on record, 2 of them in the last 12 months. The most recent was in Jan 2026. ### What has Stepchange invested in recently? Its most recent investments on record: Lucend (Seed, Jan 2026), Lemurian Labs (Series A, Dec 2025) and Nevoya (Seed, Jul 2025). ### How big are Stepchange's cheques? The median round it joins is $9.3M. ### Is Stepchange investing now? Yes: it is actively investing, with 2 investments in the last 12 months. ### What kind of investor is Stepchange? Stepchange is a VC firm based in United States. ### Has Stepchange raised a new fund? Its latest fund filing with the SEC was in Jun 2025, reporting $7.2M raised. ### Where does this information on Stepchange come from? From 4 articles and filings naming it in a round, public registers and its own website, checked and rebuilt every night. ## Raising now? Find the investors who back rounds like yours, and keep every conversation on one fundraising board. Find similar investorsOpen your CRM Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=stepchange) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=stepchange)