The Year in Review

A Look Back

2023 was a productive year for Level despite continuing macroeconomic headwinds. All of Level’s funds and strategies were active this year, as we successfully executed 50 transactions – 6 new investments, 37 follow-on investments, and 7 liquidity events. Level Structured Capital II held its final close in February, bringing aggregate commitments to $157.5 million and our aggregate capital raised to date to over $3.0 billion.

50 Total Transactions
31 Total Equity Transactions
FOLLOW-ON INVESTMENTS (inclusive of bridge financings)
19 Total Structured Capital Transactions
Six Additions to The Level Portfolio
37 Follow-on Investments across 23 Portfolio Companies
Seven Liquidity Events

Recapitalized by Great Hill Partners

Acquired by Clari

Refinanced by Sixth Street Partners

Acquired by Moore Strategic Ventures

Acquired by Raptor Technologies

Recapitalized by General Atlantic

Acquired by Bonterra (Apax Partners)

Value Creation

In 2H 2023, Ray Carey joined Level to lead our in-house team of domain experts, known as NextLevel Operations (NLO). Ray was previously CEO of Optimere, which was acquired by CivicPlus in 2022. Ray’s primary role is to accelerate portfolio company growth and to support Level’s CEOs. Ray brings twelve years of experience as a CEO for three private equity-backed companies, a decade of experience in investing as a Partner at Azure Capital Partners, and five years as an investment banker.

We are making several exciting changes in the new year at NLO. We promoted one of our longest-standing operating partners, Amy Kramer to run our GTM (Go To Market) Operating Partner Team. Her team will consist of Jen Flanagan, a Revenue Operations Expert, and two new expert hires in Demand Generation and Customer Retention. We will also look to hire experts in Project & Change Management in 2024.

To recap a few of NLO’s highlights for 2023; we helped support the portfolio with:

1:1 Coaching and Executive Interactions and Value-Creation Projects
Portfolio Executive New Hires Supported By The NextLevel Operations Team
Online Expert Events

On topics such as:

  • Getting the Most Out of Your Go-To-Market Tech Stack
  • Generative AI and Large Language Models
  • Pricing Best Practices: How to Represent Your Value
  • Overcoming Customer Indecision
  • 13-week Cash Flow Drill
  • Cultivating a Culture of Feedback
In-Person Leadership Summits
  • For Sales & Marketing Leaders, February 6 and 7, Miami
  • For Finance Leaders, May 2, NYC
  • For Product & Tech Leaders, November 9, NYC
The Level Team - Six Promotions
Jonathan Densa promoted to Manager of Finance
Justin Katz promoted to Vice President
Amy Kramer promoted to Head of NLO Go To Market
Josh Labonte promoted to Associate
Carson Newman promoted to Associate
Hanna Yu promoted to Vice President
Closing Remarks

Level was recognized in March by GrowthCap as one of the Top 25 Growth Equity firms for 2022 and by Inc. in October as a Founder Friendly Investor for 2023. 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.

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.

Top 25 Growth Equity firms for 2022. Level Equity submitted a nomination to be considered for and, once selected, paid to be included on, and to promote inclusion on, this list. To learn more about this award, please click here.

Founder Friendly Investor for 2023. This award is the opinion of the party conferring the award and not Level Equity. The award was issued by Inc. on October 31, 2023. Level Equity submitted a nomination and paid an application fee to be considered for this award. Once selected, Level Equity paid a fee to promote this award. There can be no assurance that other providers or surveys would reach the same conclusion as the party conferring the award referenced herein. To learn more about this award, please click here.