2024
First Half Update
The first half of 2024 was an exceptionally productive period at Level. Marking a departure from the low activity that characterized much of 2023, Level executed 28 transactions in H1 – 5 new investments, 20 follow-on investments, and 3 exit events. We hosted our largest annual investor meeting to date in March, added 4 new members to the NextLevel Operations team and recently kicked off our summer analyst program of 6 talented undergraduates who joined us for 10 exciting weeks.
Capital deployment in the first half of 2024 was buoyed by our large platform investment in grocery operations software business, Upshop. M&A has always been a key pillar of our strategy and we’re already transforming that business with the sizable strategic acquisition of Invafresh which was announced on July 9th.
Level’s value creation team, NextLevel Operations (NLO), has been busy with over 1,200 portfolio interactions across the team, dozens of value creation projects and significant team growth.
We’ve added three new Expert roles. Amanda Mertes, Change Management joined in Q1 and we welcomed Hilary Kay, Marketing Expert and Katie Christian, Retention Expert to the NLO Go-to-Market team this month.
To support our portfolio companies on the rapid advancements in generative AI, Clark Dudek also joined the NLO team as an Operating Consultant and we published a white paper to provide guidance on key AI-related considerations when deploying related technologies.
All four of these new hires continue our commitment to hire candidates with extensive operating experience in B2B SaaS from companies relevant to our portfolio. This new group has over 50 years of experience with companies in and outside the portfolio including ArchiveSocial/CivicPlus, Calendly, SalesLoft, and Vimeo among others.
In May, we hosted finance and operations leaders across the portfolio in NYC for our annual Financial Leadership Conference. We had panels of software expert bankers and corporate development executives, sessions on product development ROI models, secrets to building strong CEO/CFO relationships, and pricing strategies.
Ray Carey
Head of NextLEVEL Operations
Jake Foster
Operating Partner, Technology
Arin Wolfson
Operating Partner, Finance & Operations
Amy Kramer
Head of NLO Go To Market
Jen Flanagan
Operating Expert, Revenue Operations
Amanda Mertes
Operating Expert, Change Management
Hillary Kay
Operating Expert, Marketing
Katie Christian
Operating Expert, Retention
Clark Dudek
Operating Consultant, AI
Highlights Include:
- Project Phantom – Improved sales meeting show rates 14 percentage points through meeting booking and follow up process enhancements and refined targeting.
- Project Yield – Enhanced gross margin 10 percentage points through cross functional activities, including implementation price discipline and cost optimization.
- Project Indigo – Deep evaluation and analysis during diligence phase to setup M&A integration planning, process goals and timeline.
We continue to invest in capital efficient, rapid growth software businesses that seek to lead the markets they operate in and, as always, aim to be the partner of choice for those who have earned the luxury of that choice through exceptional performance. As owners of these great businesses, we strive to provide them with world class operational support and advice as we collectively chase amazing and profitable outcomes.
*Inclusive of add-on and bridge financing.
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.
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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.