NYC-based online commercial real estate financing transaction platform, Lev raised $10m in seed funding.
The round was led by Pete Flint from NFX and other investors included 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.
The company intends to use the funds to continue to expand operations and its business reach.
Led by CEO Yaakov Zar, Lev leverages a combination of machine-learning, custom software and commercial real estate expertise to help commercial real estate investors build and close on the perfect capital stack for each transaction.
Over the last year, the firm has already closed over $100m in transactions with clients ranging from small commercial real estate investors to large institutional investors in the industry, it claimed.
Commenting on the funding round, Flint said, “As so many transactions move online, we believe there is a huge opportunity to evolve the commercial real estate transaction.
“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.”
Sharing the same sentiment, general partner at Canaan Partners and former chairman and CEO of LoopNet, Rich Boyle added, “Lev is transforming commercial real estate financing in ways that are similar to what LoopNet did to property marketing and discovery 20 years ago. They are applying technology to bring transparency and efficiency to a massive market for the benefit of both borrowers and lenders in the CRE space.”
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