2025
First Half Update
The first half of 2025 saw notable progress across many functional areas at Level including several exciting Firm milestones.
In March, we were pleased to announce the final closes of Level Equity Growth Partners VI and Level Equity Opportunities Fund 2025, together closing on $1.4 billion of capital commitments. This was our largest fundraise to date, and we are very grateful to our longstanding and new partners for making it a seamless raise.
Level’s team continues to grow. We have made several key hires this year, bringing on a new Head of Finance, an Operating Partner focused on Finance and Operations, and three investment team members – a VP and an Associate on the equity side, and an Analyst at Structured Capital. We are also well into our summer analyst program, in its 9th year now, with six talented undergraduates who have joined our team for a ten-week program. Finally, we welcomed three new full-time analysts this week.
NextLevel Operations, our in-house value creation team, has been busy making meaningful impacts across the portfolio. A major focus for the team has been on driving AI adoption across companies. In 1H 2025, the team hosted multiple AI roundtables, creating forums for candid discussion and peer learning, published a State of AI Report, and launched an AI Spotlight Series, highlighting how portfolio companies are successfully implementing AI in real-world use cases. A portfolio-wide AI hackathon will run from August through October, with finalists presenting their work and winners announced at the NLO Product & Tech Summit coming up in November.
Year-to-date, NLO has hosted two in-person summits: the GTM Summit in Austin targeted toward CROs, and our first-ever LevelUp Summit in NYC, which brought together a select group of prospects with CEOs and CFOs from across the portfolio. These events provide a forum for knowledge / idea sharing, practical insights, expert presentation, and direct peer to peer networking. Together with the 2024 Technology & Product Summit, these events hosted over 180 executives from more than 65 portfolio companies, as well as representatives from 9 prospective portfolio companies.
At the core of what we do, the investing environment has been dynamic this year, diverging meaningfully from our initial expectations as public and private markets reacted to economic policy and geo-political activity with significant volatility.
The first half was slower than hoped for both in deployment and liquidity, but we have seen a notable increase in activity towards the end of Q2 and sustaining into Q3. We closed our first investment in LEGP VI with our investment in Acorn, a Canberra Australia-based provider of performance learning software; we have closed several meaningful M&A transactions across the portfolio, including Eftsure’s recent acquisition of SisID, a Lyon, France-based provider of B2B bank account validation software for midmarket and enterprise organizations, enabling Eftsure to provide global B2B verification; and we sold Prismm (an LSC II portfolio company) to Cvent.
Activity across the board continues with three new equity platforms currently under LOI and a strong increase in the breadth and depth of opportunities across both our structured capital and equity investment pipelines. We continue to exercise discipline as increased competition for rapid growth businesses continues to drive up multiples for premium assets.
Overall, it was a productive first half of the year and we remain energized by the momentum heading into the second half.
Level Structured Capital
Level Structured Capital
Acquired by MediSpend
Acquired by Workstep (equity rolled)
Acquired by Casago, taken private (equity rolled)
Acquired by Cvent
Remaining escrow received
Acquired by Valeas Capital
$1.2B
LEVEL EQUITY GROWTH PARTNERS VI, L.P.
$200M
LEVEL EQUITY OPPORTUNITIES FUND 2025, L.P.
Value Creation
Example Projects Include:
- Full Funnel Tracking & Reporting – Established end to end visibility in the sales funnel to monitor conversion rates, identify opportunities, and optimize performance.
- Customer Health Scores – Implemented customer health scores to identify and prioritize accounts that are at-risk or with expansion opportunities.
- 5-Year Plans – Collaborated on long-term financial modeling and strategic planning processes.
- Tech Budgeting – Implemented tech budgeting methodologies to enable short and long-term planning.
- Scaling with Insight: The Metrics that Matter – Go-To-Market summit for portfolio CROs hosted in Austin in February.
- Driving Strategic Value with Insight – Inaugural “LevelUp” Summit for portfolio CEO/CFO/COOs hosted in NYC in May.
Example Roundtables:
- AI in Development Workflows
- SEO in the age of AI
- Pipeline creation at Scale
- Building an ABX Strategy
Examples Include:
- Go-to-Market Report: Benchmarks, trends, and insights on performance, compensation, and tech stack based on survey results from across the portfolio.
- AI Adoption Report – Benchmarks, trends, and insights on AI usage across B2B SaaS businesses today based on survey results from across the portfolio.
- AI GTM Spotlights – A series of 15-minute videos highlighting real AI use cases across the portfolio, showcasing how they’re built and applied in practice.
- Price Increase Guide – Designed to help navigate increases while minimizing risk, strengthening customer relationships, and protecting brand value.
Level Equity was selected for the BlueWave Top PE Innovators Award. This recognition reflects the opinion of BluWave not that of Level Equity. The award was issued by BluWave on February 25, 2025. Level Equity submitted a nomination and paid an application fee for consideration. Following its selection, Level Equity paid a fee to promote the award. Other providers or surveys may not share the same opinion as the conferring party, and there can be no assurance that they would reach similar conclusions.
Level Equity was recognized as one of the Top 25 Growth Equity Firms for 2024 by GrowthCap, a leading growth capital research and advisory firm. This recognition reflects the opinion of GrowthCap, not that of Level Equity. The award was issued by GrowthCap, LLC on February 13, 2025, and is based on performance during 2024. Level Equity submitted a nomination and paid an application fee for consideration. Following its selection, Level Equity paid a fee to promote the award. Other providers or surveys may not share the same opinion as the conferring party, and there can be no assurance that they would reach similar conclusions.
Sarah Sommer was recognized as one of the Top Women in Growth Investing for 2025 by GrowthCap. This recognition reflects the opinion of GrowthCap, not that of Level Equity. The award was issued by GrowthCap, LLC on June 25, 2025. Level Equity submitted a nomination and paid an application fee for consideration. Following its selection, Level Equity paid a fee to promote the award. Other providers or surveys may not share the same opinion as the conferring party, and there can be no assurance that they would reach similar conclusions.
This update (the “Update”) does not constitute an offer to sell or the solicitation of an offer to purchase any security, and is not presented with a view to providing investment advice with respect to any security or making any claim as to the past, current or future performance thereof. Level Equity Management, LLC (together with its affiliates, “Level Equity”) expressly disclaims the use of this Update for such purposes. This Update is solely intended to provide general information regarding Level Equity’s operational activities, financing capabilities and general business experience.
Portfolio companies presented herein are for informational purposes only and are intended to illustrate such historical activities. The portfolio companies included herein should not be assumed to have been profitable. Past performance is not necessarily indicative of future results. There can be no assurance historical trends will continue. Level Equity does not warrant the accuracy, completeness or usefulness of any information herein. Any reliance you place on such information is strictly at your own risk. Level Equity disclaims all liability and responsibility arising from any reliance placed on this Update or anyone who may be informed of its contents.
The Update has not been reviewed by, or received regulatory consent, approval or disapproval from, the U.S. Securities and Exchange Commission or any other U.S. or non-U.S. regulatory body. No representation, warranty or undertaking, express or implied, contractual or legal is given as to the accuracy or completeness of the information or opinions contained in this Update, and no liability is accepted by any directors, officers or employees of Level Equity or its affiliates for the accuracy or completeness of any such information or opinions.
This Update does not constitute investment advice or an offer to sell or a solicitation of an offer to buy any securities, which may only be made pursuant to definitive subscription and/or limited partnership agreements.