US real estate platform Lev raises $30m in Series A
Real estate financing platform Lev has raised $30 million in a Series A round led by Greenspring.
Existing backers NFX, Canaan Partners, JLL Spark, ANIMO Ventures and Ludlow Ventures joined the round.
Lev claims the $30 million figure is the largest to date in the commercial real estate (CRE) financing space. Its new cash will go towards expanding its team in New York, Miami and Los Angeles.
The start-up says it’s a “full-stack transaction platform” for the lifecycle of a commercial real estate investment. Lev covers analysis, financing and closing, monitoring, servicing and disposition.
The firm says it uses machine learning technology to understand real estate owners’ portfolios and identify the right lender for each transaction.
Founded in 2019, Lev claims to have closed $100 million worth of loans in 2020, and projects closures of more than $1 billion for 2021.
The Series A brings its total raised to $44.8 million across six funding rounds, with its latest coming in March to the tune of $10 million.
“CRE is a massive space, with an addressable market of more than $40 billion,” says founder and CEO, Yaakov Zer.
“Yet the industry has been entrenched in an outdated workflow, slow to take advantage of technology to help put their customers first.
“We recognise that there is a uniquely human factor to every transaction; Lev aims to empower the people behind the transaction and make them smarter and more efficient.”