Levels

Levels, legally Levels Health Inc., makes software that pairs continuous glucose monitors and blood testing with an app that shows people how food, exercise, sleep and stress affect their metabolic health. It was incorporated in 2019 and founded by Casey Means, Josh Clemente, Sam Corcos, David Flinner and Andrew Conner. Clemente was previously at SpaceX and Hyperloop, Corcos co-founded the Y Combinator company CarDash, and Means is a Stanford-trained physician. The company is based in New York and is known for publishing internal memos and investor updates openly.

On November 17, 2020 Levels announced a $12 million seed round led by Andreessen Horowitz (a16z), with angels including Netflix co-founder Marc Randolph, former Twitter CEO Dick Costolo, TechCrunch founder Michael Arrington and NBA player Matthew Dellavedova. Its Form D for that offering reports about $11.93 million sold, with the first sale on October 28, 2020. On April 20, 2022 it announced a $38 million Series A at a $300 million valuation. The company called it an operator round, with participation from Andrea Funsten (Basecamp Fund), Ben Gilbert and David Rosenthal of Acquired, Lenny Rachitsky and the Airbnb Alumni Syndicate, Mario Gabriele, and Moshe Lifschitz and Niv Dror of Shrug Capital, as well as a16z. It also included a $5 million community round in which more than 1,400 members invested within six hours. Form D filings dated January and March 2022 report about $11.9 million and $10.1 million of equity sold. Levels said it had raised $50 million in total, with support from a16z, Trust Ventures and Shrug Capital.

At the time of the Series A, Levels had a beta community of 25,000 paying members and was preparing for full consumer launch. Before the 2020 seed it had a waitlist of more than 50,000 people. Means later became widely known for her book Good Energy, which Levels promoted. Investment vehicles from Gaingels (2022 and 2024) and What If Ventures (2024) filed Form D notices for Levels Health positions. No public revenue figures, newer priced rounds or exit were found.

Levels shows a consumer health company built partly on community capital: a priced round led by a16z alongside equity crowdfunding sold to its own members. Investors entered at the seed and at a $300 million Series A in 2022. No liquidity event has been reported. The 2024 special purpose vehicles suggest secondary or follow-on activity, but their prices are not public.