April 17, 2021

Level

Level raises $27M from Khosla, Lightspeed ‘to rebuild insurance from the ground up’

Level, a startup that aims to give companies a more flexible way to offer benefits to employees, has raised $27 million in a Series A funding round led by Khosla Ventures and Lightspeed Venture Partners.

Operator Collective and leading angels also participated in the financing, along with previous backers First Round Capital and Homebrew. The round was reportedly raised at a “nine-figure” valuation, but the company did not provide more specifics.

Founded in 2018, New York City-based Level says it’s “rebuilding insurance from the ground up” via flexible networks and real-time claims with the goal of helping

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Cash-Out Refinancings Hit Highest Level Since Financial Crisis

Americans extracted more cash from their homes through cash-out refinancings in 2020 than in any year since the financial crisis.

U.S. homeowners cashed out $152.7 billion in home equity last year, a 42% increase from 2019 and the most since 2007, according to mortgage-finance giant

Freddie Mac.

It was a blockbuster year for mortgage originations in general as well: Lenders churned out more mortgages than ever in 2020, fueled by about $2.8 trillion in refis, according to mortgage-data firm Black Knight Inc.

Some borrowers viewed cash-out refis as a way to cushion themselves against an uncertain economy last year.

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