+131%

est. 2Y upside i

HealthcareSeries A

Levels develops a health and wellness platform designed to monitor metabolic fitness. The platform tracks blood glucose in real-time, enabling users to optimize their diet and exercise.

Rank

#196

Sector

HealthTech

Est. Liquidity

~5Y

Data Quality

Data: Medium

Levels offers high upside potential (expected ~131%) driven by strong growth and large market, but faces significant competition and cash burn.

Last updated: July 19, 2026

Bull (30%)+258%

Exit multiple expands to 12x on strong growth and IPO timing, yielding $936M valuation. Common stock upside 273% before dilution, net 258% after 15% dilution.

Base (45%)+124%

Exit multiple converges to 8x, valuation $624M. Common stock upside 139% before dilution, net 124%.

Bear (25%)-10%

Multiple compresses to 4x due to competitive pressure, valuation $312M barely above preference, common stock net -10% after dilution.

Est. time to liquidity~5.0 years

Preference Stack Risk

high

Funding Intensity

2230%

$67M in preferred stock overhang represents 22.3% of current valuation, significantly reducing common stock value.

Dilution Risk

moderate

Likely need for additional funding within 2 years could dilute common by ~15%.

Secondary Liquidity

none

No secondary market activity noted, no secondary implied valuation.

Questions to Ask at the Interview

Strategic questions based on Levels's data — designed to show you've done your homework.

  • 1

    “What is your strategy to compete with incumbents like Dexcom who could enter your market?”

  • 2

    “How do you plan to achieve profitability given the high CGM hardware costs?”

  • 3

    “What is the long-term liquidity timeline for employees?”

Community

Valuation Sentiment

Our model estimates +131% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.