Employer.com has offered to acquire Level, a fintech startup that just last week abruptly shut down after failing to find a buyer, according to The Informatio .
But Level is still mulling over the offer, its Employer.com CMO Matt Charney told TechCrunch. “It’s with legal,” he said. Update: there are other details, beyond legal, that are currently being ironed out, according to a source close to the deal.
Founded in 2018 by early Square employee Paul Aaron, Level had raised a known $30.8 million in funding from high-profile investors such as Lightspeed Venture Partners and Khosla Ventures. In April 2021, the startup had announced a $27 million Series A. It offered dental and vision benefits products to companies, who were told last week that they’d have to find other providers.
The offer to acquire a folded startup is the second by Employer.com in just over a week. On December 30, TechCrunch broke the news that accounting startup Bench, which left thousands of customers locked out of their accounts after it suddenly shut down days before, would be acquired by Employer.com for an undisclosed price in a last-minute deal. Details were still being hammered out as of last week.
Bench reportedly struggled in part due to its push to embrace AI and other automation tools in recent years, according to some staffers. It is unclear what exactly led to Level’s demise.
TechCrunch reporter Charles Rollet contributed to this piece.
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