New York-based online commercial real estate financing transaction platform, Lev, has announced a $10 million seed round.
The investment was led by Pete Flint from NFX along with Caanan Partners, and JLL Spark, the strategic investment arm of commercial real estate services firm JLL. Previous lead investors Animo Ventures and Ludlow Ventures also participated in the financing.
Using a combination of machine-learning, custom software, and commercial real estate expertise, Lev helps commercial real estate investors build and close on the perfect capital stack for each transaction.
Yaakov Zar, CEO of Lev said, “We’re excited that 2020 turned out to be a fruitful year for Lev and that we’ve been able to win customers and partnerships because of our innovative technology and top-notch execution. Now, we have the resources and team we need to leverage the industry’s recovery as a powerful engine of further growth.”
Founded by Zar and former Toll Brothers acquisitions associate Sammy Greenwall in 2019, Lev has L closed over $100 million in transactions over the last 12 months and says it is on track to nearly ten times that volume this year.
In December, the company formed a partnership with property intelligence platform Reonomy that lets the two tech firms collaborate and it opened a new office in Los Angeles last week, tapping former Eastdil Secured and JLL broker Greg Goldstein to start the office as the company continues to expand its product offerings and geographic footprint.
“As so many transactions move online, we believe there is a huge opportunity to evolve the commercial real estate transaction,” said Pete Flint, General Partner at NFX. “The team at Lev have proven that they have the vision and skills to drive this change. With their strong traction with customers and partners we’re really excited about building a compelling technology platform for the industry.”
