Level, a New York based company that builds financial products for people-first companies, announced on 16th April 2021 that it has raised US$ 27 million in its series A funding round. The round was led by Lightspeed Venture Partners and Khosla Ventures along with participation from Homebrew, First Round Capital and Operator Collective.
Investors: Lightspeed Venture Partners is a California based venture capital firm that was founded in the year 2000 by Barry Eggers, Christopher Schaepe, Peter Nieh and Ravi Mhatre. It is a stage-agnostic investment firm that invests in seed, early-stage, growth-stage and late-stage companies. Its investments are focused on multiple areas including consumer, technology, enterprise and cleantech markets.
Khosla Ventures is, similarly, a California based venture capital firm. It was founded in 2004 by Vinod Khosla. It is an early to late stage investment firm that focuses on multiple areas including consumer, enterprise, education, financial services, healthcare, sustainable energy and more.
“Employers already spend so much money on benefits, and neither they nor their teams get enough out of it. Businesses of all sizes need to compete for talent with innovative benefits that help people get more from their paychecks. Level offers a far superior employee experience, and you’re getting bang for your buck.”—Jana Messerschmidt from Lightspeed Venture Partners
With the current round of funds, Level is planning to launch its new insurance product that enables even smaller organisations to offer benefits that were earlier limited to organisational giants.
Level was founded in 2018 by Paul Aaron. As mentioned earlier, it seeks to provide financial services and employee benefits products to organisations of all sizes. It claims that it is rebuilding insurance from the ground up. In 2019 it first launched its employer-sponsored dental benefits scheme. Now it even offers vision plans.
Currently, the company has more than 10,000 members, including thriving companies that pay for its products. It claims it can process claims within 4 hours, which is astounding considering the insurance industry that takes weeks to do the same.
What the CEO has to say:
“Insurance is confusing and often feels unfair. Networks restrict where you can go, billing takes weeks and you always seem to owe more than you expect. We believe paying with insurance should be as easy as any other purchase.”—Paul Aaron, founder and CEO of Level.
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