Washington based start-up Level has raised USD 1.5 Million on 9th of February, 2021 in a Pre- seed funding round led by Co- lead investors like Next View and Untapped. The organisation’s aim is to supply different services to gig economy workers.
Investors: The capitalization of USD 1.5 Million funds took place in a Pre- seed funding round led by Next View and Untapped along with previous investors like TechStars, Acumen and Ascend. Vc.
What the funding is for: The newly acquired funding would be utilized for expanding their portfolio in other services like insurance products to gig workers in the future. According to the sources, the organization is also aiming to expand their global reach.
Founder of the company: David Eldenstein
Founded year: 2019
About the company: Level is a privately held organisation which helps in building financial services for the new economy. Its headquarters is established in the Greater Seattle Area, West Coast, Western US and has a work strength of around 50- 100 employees. With the help of outstanding skills and knowledge the company has built up their technology to support customer’s experience and provide banking services.
What the CEO has to say: “As Level wants to offer more services in the future, it’s pushing down capital costs for user, hoping that they will help themselves to more services from the company later on”
“The company’s usual fee for capital has fallen from 10% to 7%, a rate that his company may push lower over time, perhaps to the break- even point or beyond”. Said David Edelstein, CEO of the company.
What the investors have to say: “Normally repayment of capital takes four months, with the percentage earnings consumed running between 5% and 15%. So, why would level be willing to drop half its fee for rapid payment? As level wants to provide more services in the future, it’s pushing down capital for users, hoping that they would help themselves to more services from the company from the company later on”. Said General manager at Next view.
“Level is a bit like an American Heru in that, akin to its Latin American fellow traveller, it wants to provide more and better services, including insurance to those active at work but not in traditional, full time roles. If they succeed, expect similar companies to crop up around the world”. Said CEO of Untapped.
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