NEW YORK, Sept. 26, 2011 /PRNewswire/ -- Level Equity today announced the final closing of its $130 million new fund, Level Equity Growth Partners I, LP. Level Equity's initial close in Q2 marked the largest new fund raised in the quarter, according to Thomson Reuters and the National Venture Capital Association. Investors in Level Equity are major corporations, university endowments, charitable foundations, funds of funds, individuals and previously-backed entrepreneurs.
"Level Equity is a new firm, purpose-built to support the new generation of promising growth businesses. We founded the firm to provide creative capital to entrepreneurs building innovative technology companies," said co-founder Benjamin Levin. "We were gratified by strong market interest in our strategy, and are proud to have a distinguished group of investors join as our partners in the fund."
"Our current portfolio and the entrepreneurs we meet each day speak to the power of creative individuals and intelligent capital to transform traditional industries. We aim to provide a new and compelling growth equity offering to expanding, capital-efficient companies," said Level Equity co-founder George McCulloch.
Level Equity also announced new investments and additions to the firm's investment team.
New investments include CampusBookRentals.com, which helps 400,000 students at 5,600 college campuses nationwide save money on textbooks, and Longboard Media, the premium advertising network for high-end shopping, product review and mobile publishers, and soon-to-be-announced transactions in social commerce and software-as-a-service.
Level Equity also announced Glen Shields as the fund's Controller, and the addition of Christopher Isaac and Joseph McGroarty to the firm's investment team. Glen was most recently Managing Director and Chief Operating Officer of LeverPoint Management and was previously with PriceWaterhouseCoopers. Christopher joins Level Equity most recently from Updata Partners and New York University's Stern School of Business. Joseph joins Level Equity having completed his MS at the McIntire School of Commerce at the University of Virginia.
Level Equity (www.levelequity.com) is a growth equity investor, established in 2009 by under-40 industry veterans Benjamin Levin, George McCulloch and Sarah Haas. The firm invests in high growth technology, media, and internet innovators serving large markets. Level Equity is based in New York and invests in its target industries worldwide.
SOURCE Level Equity