Lev Announces New $170M in Funding from Parker89, Cross River Digital Ventures and Others
Since its launch in 2019, the CRE transaction platform has grown to become one of the‘s the top 100 loan originators, having facilitated more than $1.5 billion nowadays
NEW YORK, May 5, 2022 /PRNewswire/ — Levthe digital platform for commercial real estate transactions (CRE), announced today $170 million in new funding. The company closed a $70 million Series B round led by Parker89 and Cross River Digital Ventures with participation from NFX, Canaan, JLL Spark, Animo Ventures, Capital One Ventures, Citi Ventures and Citi SPRINT, StepStone Group and Blitzscaling Ventures. Additionally, Lev got $100 million in debt financing of Cross the river‘s Strategic Direct Lending Group. The new cycle brings Lev‘s total financing to more than $200 million.
Lev is transforming the CRE industry‘notoriously manual lending process into a beautiful digital experience. Its technology offers loan seekers instant access to personalized financing, based on their specific needs, from leading financial institutions. To date, Lev closes CRE loans up to three times faster than existing methods, which take over 100 days.
“Commercial real estate is one of the biggest industries on the planet and has kind of completely withstood the fintech revolution that has taken over virtually every other industry over the past decade,” said Yaakov ZarCEO and co-founder of Lev. “We‘been blessed with the right team, building the right products in a gigantic industry, and that‘is the engine of our continuous growth. We‘re honored to have the world‘s top investors, as well as leading financial, real estate and banking institutions that help drive the development and adoption of our industry-defining technologies. »
With its new funding, Lev will continue to enhance its product offerings, recruit top talent across all departments, and double down on research and development for its end-to-end market and lending experiences.
“Having witnessed the increasing digitalization of the residential mortgage process over the past few years, we believe commercial lending will experience a similar evolution,” said Nate LevinCEO of Parker89. “Yaakov and Team Lev are leading this charge, and we could‘I wouldn’t be more excited to partner with them as they continue to reinvent the process.”
Lev‘The new funding comes amid a period of rapid growth. In 2021, the company closed nearly $1 billion in CRE mortgages, which grew 10x year-over-year thanks to their reinvented approach to CRE financing. Lev‘Last year’s growth placed it among the top 100 CRE loan originators in only its second year of existence.
“Yaakov and his team have introduced technology to disrupt the last bastion of traditional lending that is resisting the wave of innovation,” said Gilles GadeFounder, President and CEO of Cross the river. “We‘We have worked closely with Lev since our initial investment and are confident that they will continue to revolutionize CREF’s value chain and the way borrowers and lenders interact.”
Lev is the digital platform for commercial real estate finance offering fast and transparent access to capital from around the world‘s major financial institutions. having closed $1 billion in CRE mortgages in 2021, Lev grew 10x year-over-year through its proprietary approach to CRE financing, including industry‘only API. Founded in 2019, Lev has raised over $200 million with funding from Parker89, Cross River Digital Ventures, NFX, StepStone Group, Canaan Partners, JLL Spark, Animo Ventures, and Ludlow Ventures, among others. For more information, visit levcapital.com.