Back to Blog

Rebuilding insurance to help people and businesses unlock more from their benefits

Today, we’re excited to announce our latest funding milestone with partners like Khosla Ventures, Lightspeed Venture Partners, Operator Collective, First Round Capital, and Homebrew. Since launching in late 2019 and despite tumultuous times, we’ve significantly grown our business, added vision in addition to dental benefits, and proven impact for our customers.

“2020 was our first full year in market. In that time more than 10,000 members from companies like Intercom, Udemy, Docker, and KeepTruckin have paid for care with Level.” 

This next round of funding helps us accelerate our expansion into insurance and continue to build smarter benefits products for employers and their teams. We’re lucky to partner with a great community of investors, advisors, and angels to make benefits spending easier and simpler for everyone. As Samir Kaul from Khosla Ventures shares about our team:

“Level can do for insurance and benefits what Square Cash did for person-to-person payments—and their team comes straight from building similarly transformative products.”

Benefits are more important than ever

Businesses and HR leaders want better ways to take care of their employees and COVID taught us that people rely more on their employers for health and wellness, especially during times of crises.

Benefits aren’t just a way to attract top talent, they also impact people’s financial well-being. Despite the big dollars that businesses put into benefits, many people still pay out of pocket. Who knew that dental is one of the top three out-of-pocket healthcare costs for employees with insurance? 

With the financial instability that came with COVID, we are even more inspired to help people build stronger financial futures by unlocking more from their benefits. We’re partnering with people-first employers to make this happen. Jana Messerschmidt from Lightspeed Venture Partners sums it up well:

“Employers already spend so much money on benefits, and neither they nor their teams get enough out of it. Level offers a far superior employee experience, and you’re getting bang for your buck.”

Our impact: Benefits as simple as cash

Flexible, instant, clear. That's Level. You can take Level benefits to any provider—in or out-of-network. You can even settle up before you’ve left the office. No more paperwork or bills later. View your benefits budget in real-time. 

Both customers and members love how simple spending with Level is. According to Chris Tobin, VP of People at Intercom:

“I’m thrilled about giving our team something they actually love to use, and the savings we see through self-insurance allows us to invest more dollars into other benefits and perks.”

We’re taking a full-stack approach to make benefits better for the whole ecosystem.

  • Businesses can save with Level. Employers can save an average of nearly 20% by switching from fully-insured to Level.
  • Some customers have saved even more. Thistle saved 43% and First Round Capital saved 47%.
  • Providers can get paid in minutes, not months. On average Level processes claims in 4 hours.

Next up: Launching a new insurance product to help smaller businesses offer bigger benefits

From my time at Square, I learned it can be expensive to run a small business. That’s why we’re now offering a new insurance product that will make Fortune 500 benefits available to small and medium-sized businesses.

Level helps employers save by paying only for what their teams use. With this new product, businesses pay a fixed amount each month and can get money back for unused benefits. Smaller businesses can get more cost predictability, which helps them better manage their budgets.

Now Level can serve companies of all sizes—from two employees to 20,000—to provide better benefits for their teams

We’re just getting started. Come join us.

Two of our core values at Level are to go fast and celebrate teamwork. We've accomplished so much in just 1.5 years. We have the drive, perfection, and passion of our team to thank for that.

While most of us have yet to meet in person, we’ve grown 4x to over 90 people across the country from New York to San Francisco. I’m humbled and proud of the culture and products we’re building together as a passionate, highly skilled team.

We have so many great things on our roadmap, and we can’t wait to bring them into the world. We’re growing rapidly, and invite you to join us in this journey.