Lev

Executive Summary

Lev is a CRE-native SaaS platform offering pipeline management, CRM, lender matching, and AI-powered workflow tools for commercial real estate sponsors and brokers — a real problem in a real market. The platform is live and the founder has a credible prior exit, but the company burned through $114M+ on a marketplace model that collapsed under rate pressure, conducted two documented rounds of mass layoffs that cut 70%+ of peak headcount, and has quietly pivoted to an entirely different revenue model (SaaS) without a new equity raise in over three years. The single biggest risk here is not the market — CRE lending is recovering — it's that investors are being asked to evaluate a substantially different company than the one that raised its Series B, with unverifiable traction metrics, a departed co-founder, and an uncertain path to scale against well-capitalized incumbents.