The Firm Investment Focus
What We Look For
Level's focus has remained constant since inception: rapidly growing, capital efficient B2B software companies in the middle market.
Our Investment Philosophy
Level was built on a core set of beliefs about high-impact growth investing, and these convictions continue to drive us today.
The software growth market is large, and many firms that find success in our corner of the market succeed upward into larger transactions.
We have kept Level focused on the middle market by design. Our long-term duration in this segment provides us with relationships, pattern recognition, and judgment that only repetition can build.
We look for capital-efficient businesses. Many are bootstrapped software companies growing on their own terms, and others are already backed by institutional owners weighing what comes next.
Partnership is a mutual decision, and we prefer it that way, taking the time to make sure the fit is right for both sides.
A company’s stage, ownership, and ambitions should determine the structure of an investment.
The flexibility to do majority, minority, and credit investments means that we can craft the ideal transaction for each unique business we encounter.
Level's founders have worked together for 22 years and average senior team tenure is 11 years.
The people who make the commitment to your business are the people who see it through.
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Company Profile
We believe in the power of specialization. Level’s investment strategy targets these characteristics.
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Growth: growing 25%+ per year.
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Capital efficient: often bootstrapped or with limited balance sheet capital raised to date.
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Business quality: focus on system of record software, vertical market software, multi-product platforms, and software that benefits from AI enhancement.
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Team quality: exceptional management teams with whom we are aligned.
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Geographies: North America, Europe, Australia, and New Zealand
A Specialist’s Focus
We invest in software and AI-enabled businesses whose products customers depend on to run their operations.
- Vertical
- Application
- Infrastructure
- Cybersecurity
- Tech-Enabled Services
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Hospitality, Travel & Leisure
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GRC & Compliance
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Healthcare & Life Sciences
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ERP & Operations
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Data & Analytics
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Public Sector & Non-profit
Companies shown are a selection of current and former Level portfolio companies, and are not representative of all Level investments. See our Portfolio for a complete list.
Transaction Types
As software growth investors, we work across the capital structure to provide the right capital solution for each unique business with investments of up to $300M.
For shareholders seeking meaningful liquidity and to position the company for the next phase of growth.
For founders and teams who want a strategic partner and growth capital while keeping control of the company they built.
For situations where non-dilutive credit is a better option: financing growth, acquisitions, or shareholder liquidity.
Add-On Acquisitions
While the criteria above describe our platform investments, many Level companies also grow through acquisition. We are always interested in hearing from businesses that could be a natural fit within our portfolio.
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