The Firm Who We Are
Built for Middle Market Software
Level Equity is a growth capital firm focused exclusively on middle market software and AI-enabled businesses. Since our founding in 2009, we have partnered with more than 130 growth-stage software businesses. This exclusive focus is our enduring competitive advantage.
Built to Last
Level Equity was founded in 2009 out of a passion for middle market software, a desire to build a firm focused exclusively on this category, and a belief that culture matters as much as investment strategy. Nearly two decades later, these convictions remain at our core.
Level in Every Way We Work
Our name is a testament to how we partner with companies.
We are Level in providing direct answers, clear reasoning, and a commitment to do what we say we will. We are Level in our temperament: calm and steady when navigating changing market and business conditions.
- Equity Investments
- 92
- Structured Capital Investments
- 38
- Exits
- 78
- Year Founded
- 2009
As of September 30, 2026. Equity Investments and Structured Capital Investments reflect the number of investments made since inception across all Level funds and related co-investment vehicles. Exits include full and partial realizations, regardless of outcome. These figures are not indicative of investment returns.
What Guides Us
At Level, we are committed to the following:
The teams we back get direct answers about our process, our reasoning, and what we're seeing in the business in both good and tough situations. We commit to decisions and then follow through.
Focus is our compounding advantage. We've maintained our exclusive focus on software for 17 years. Our knowledge becomes your competitive advantage.
Our senior team is made up of career growth stage software investors who have averaged more than a decade at Level. The time we’ve spent in seat together means that we can make decisions with velocity and clarity.
"We founded level 17 years ago with two simple beliefs – culture matters and this is a great market. Since inception, we’ve purpose built our business around these core convictions. We strive to get a little better every day in service to our investors and the companies we back and to help founders and managers of the best middle market software businesses achieve great outcomes."
Our Story So Far
A deep history of growth and continuity in middle market software.
Level Equity is Founded
Level Equity is founded by Ben Levin, George McCulloch, and Sarah Sommer to provide growth capital and operational support to rapid-growth, capital-efficient software and technology-enabled businesses in the middle market. Level Equity launches with a focus on creating an amazing culture and capitalizing on emerging gaps in software growth investing as many top growth equity firms of the era scaled out of this market segment. Level took temporary office space at 295 Madison Avenue.
Level Moves Into First Permanent Office Space
Level Equity's first permanent office space is established on the 14th floor of 2 Grand Central Tower.
Level Equity Fund I Closes
Level closes its first fund, Level Equity Growth Partners I, securing $130M in committed capital. In the same year, the team grows to eight employees.
Level Equity’s First Liquidity Event
In November 2012, Level realizes its first liquidity event with the sale of Longboard Media Inc., a San Francisco-based media management network for retailers, shopping publishers, and advertisers, to Bazaarvoice. The team also grows to 10 employees.
Level Equity Fund II Closes
Level completes a $255M fundraise for its second fund, Level Equity Growth Partners II.
Level Equity Launches its First Opportunities Fund
Level launches Level Equity Opportunities Fund 2015, securing $66M in committed capital. In the same year, the team grows to 16 employees and moves to the 39th floor of 2 Grand Central Tower in New York City.
Level Equity Closes Growth Fund III and Launches Level Structured Capital
Level raises Level Equity Growth Partners III, totaling $357M in commitments. The team also launches Level Structured Capital, enabling the team to provide flexible credit and structured equity solutions as an alternative to growth equity or traditional senior credit options.
Level Structured Capital I Closes
Level raises its newest fund, Level Structured Capital I, with $90M in committed capital. In the same year, the team grows to 21 employees.
Level Closes New Funds
Level completes a $750M fundraise for Level Equity Growth Partners Fund IV and Level Equity Opportunities Fund 2018. The firm grows to 24 employees.
Level Brings On Over a Dozen New Investments
Level brings on seven equity investments and seven structured capital investments. The team moves to the 42nd floor of 2 Grand Central Tower to accommodate a growing investment team.
Level and its Portfolio Companies Grow Despite an Unprecedented Year
Level brings on six equity investments and five structured capital investments.
Level Raises $1.125B For New Equity Funds
Level closes Level Equity Growth Partners V and Level Equity Opportunities Fund 2021, securing $775M and $350M, respectively in aggregate commitments.
Level also opens its Greenwich office and formalizes NextLevel Operations, Level’s in-house value creation team, bringing operational expertise from people who have held these roles inside scaling software companies.
Level Adds 15 New Investments and Expands NextLevel Operations
Level brings on nine new equity investments and six structured capital investments. The team welcomes 13 new members, including three additions to the NextLevel Operations value creation organization.
Level Holds Final Close of Structured Capital II and Executes Over 40 Transactions
Level holds the final closing of Level Structured Capital II, securing $157.5M in aggregate commitments. The team also executes over 40 transactions.
Level Completes 44 Transactions and Makes Significant Investment in Team
Level completes over 44 transactions, including eight new investments and five exit events across the equity and structured capital businesses. The firm is an active follow-on investor into the growing portfolio, deploying the most capital since its inception to fund attractive acquisitions.
12 talented individuals join the team, expanding the NextLevel Operations team significantly and making the Firm's first key hires in Investor Relations and Human Resources. The team is also recognized on Inc.’s Founder-Friendly Investor list, GrowthCap’s Top Growth Equity list, and for Growth Equity Fund Performance of the Year in the Private Equity Wire US Awards. See important award disclosures below.
Level Closes $1.4B Across Two Funds
Level closes Level Equity Growth Partners VI and Level Equity Opportunities Fund 2025, securing $1.4B in aggregate commitments to invest in growing software and AI-enabled companies. Level continues to scale the team, bringing on a new Head of Finance, an Operating Partner focused on Finance and Operations, and six investment team members.
The team is also recognized on Inc.’s Founder-Friendly Investor list, GrowthCap’s Top Growth Equity Firms and Top Women Investors, and Bloomberg Private Fund League Tables.
Level's Operational Strength and Footprint Grow
Level's Special Operators program is launched, further expanding NextLevel Operations’s talent ecosystem. Level also moves its Greenwich office into its largest space yet.
The team is also recognized on Inc.’s Founder-Friendly Investor list, GrowthCap’s Top Growth Equity Firms and Top Women Investors. Ben Levin is recognized as Software Investor of the Year.
Award Disclosures
Inc. Founder-Friendly Investor (2024): This award is the opinion of the party conferring the award and not Level Equity. The award was issued by Inc. on October 29, 2024, and is based on October 2023 through October 2024. 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.
GrowthCap Top Growth Equity Firms of 2024: 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.
Private Equity Wire US Awards 2024: Please note that this award is the opinion of the party conferring the award and not Level Equity. The award was issued by Private Equity Wire on October 10, 2024, and is based on the prior year. Level Equity did not seek or submit a nomination for the award or provide any compensation to Private Equity Wire in connection with this award. Voting for the awards was conducted via an online poll of the entire Private Equity Wire userbase, with participants asked to make their choice from a short-list of firms in each category. Level Equity did not participate in the poll. The award does not indicate or guarantee future results of any of the Level Equity funds. 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.