Level raises $27 million to offer smarter benefits

New York-based Level closed a $27 million Series A round of funding from Khosla Ventures, Lightspeed Venture Partners, Operator Collective, First Round Capital, and Homebrew.

Founded in 2018 and now a team of over 90 people, Level allows businesses to offer dental and vision insurance benefits to their employees where they only pay for the benefits being used.

Here’s how it works: The benefits are accessible via an app where members can see any (dental or vision) provider and know the cost upfront. Plans can be designed by employers using “data” to only offer the benefits the team uses. In addition, the employer dashboard offers insights that can help the employer plan and budget to make more “strategic benefits decisions.”

Going forward, Level intends to use the cash injection to further expand into insurance by offering “a new insurance product that will make Fortune 500 benefits available to small and medium-sized businesses.”

Bottom Line: Level reaches over 10,000 members from companies like Intercom, Udemy, Docker, and KeepTruckin.