Business lending startup Lev was once a big name in the venture capital world. Now it’s trying to keep playing music while the industry slumps.
This startup is laying off 34 employees, Crain’s Reporta few months later cut about 30 end of last year.
Just a year ago, the company, founded in 2019 by Sammy Greenwall and Yaakov Zar, $70 million raised After Series B Funding $30 million and $10 million 2021 round. Investors include JLL Spark, NFX, Cross River Digital Ventures, Parker89, Canaan Partners, Amino Ventures and Ludlow Ventures.
The company uses artificial intelligence technology to connect lenders with borrowers looking to secure properties. It makes money by charging transaction fees and reportedly helped originate $1 billion in mortgages two years ago.
But a year of rate hikes has Kill commercial real estate loans, leaving fewer transactions for Lev. Zar did not comment to Crain’s about the layoffs.
The news was even worse for Henegan Construction, which had been in business longer but faced a more imminent end. The New York City-based company recently laid off 55 employees and expects others to lose their jobs soon, if they haven’t already: The family-owned business is set to wind down operations by August.
The company was founded in 1959 and is headquartered near Penn Station. It specializes in interior design and has been one of the most active in the industry, Ranked 14th Among the general contractors working on renovation works in 2019. In the year before the ranking, the firm executed 32 projects for $54.5 million.
Henegan has worked on interior design for prominent office buildings in Manhattan and New Jersey. Clients include Bank of America and JPMorgan.
Maureen Henegan followed in his father’s footsteps and was promoted to CEO in 1991. Henegan did not comment to Crain’s about the company’s future.
— holden warner
