-77%

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

#3012

Sector

Health Technology

Est. Liquidity

~4Y

Data Quality

Data: High

Levels presents a risky equity opportunity for a job seeker.

Last updated: March 10, 2026

Bull (10%)+300%

Levels successfully leverages its FDA clearance, expanded blood testing, and dietitian coaching to capture significant market share in the metabolic wellness space, fending off incumbent threats. Revenue grows to $80M+ by 2028, justifying a $1.2B+ valuation at a premium multiple, driven by strong retention and community engagement.

Base (40%)+90%

Levels maintains its position as a premium offering for health optimizers, growing revenue to ~$40M by 2028. It continues to innovate with AI-powered insights and community features, but faces sustained competitive pressure from incumbents and other wellness platforms, leading to a valuation of approximately $570M.

Bear (50%)-80%

Dominant CGM incumbents like Dexcom and Abbott aggressively enter the consumer wellness market with integrated software solutions, commoditizing core CGM insights. Levels struggles to scale its expanded offerings profitably, leading to slower growth, a down round, and a valuation drop to $60M, severely impacting common stock value due to liquidation preferences.

Est. time to liquidity~4.0 years

Preference Stack Risk

high

Funding Intensity

23%

Investors hold $70M in liquidation preferences on the current $300M valuation. In a $300M exit, common shareholders would effectively share in $230M ($300M - $70M), assuming a 1x preference.

Dilution Risk

high

As a Series A extension company, further funding rounds are likely needed for continued growth, which will lead to additional dilution for existing equity holders.

Secondary Liquidity

limited

While secondary market data might exist, it is not an active or broad market, limiting immediate liquidity options for employees.

Questions to Ask at the Interview

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

  • 1

    “How is Levels strategically positioning itself to defend and grow market share against dominant CGM manufacturers like Dexcom and Abbott, especially as they expand into the consumer wellness space with products like Stelo?”

  • 2

    “With the recent expansion into comprehensive blood testing and dietitian coaching, how does Levels plan to scale these high-touch services while maintaining gross margins and a compelling subscription price point?”

  • 3

    “Given the Series A extension and the capital-intensive nature of health tech, what is the company's long-term funding strategy, and what are the anticipated milestones for a potential liquidity event for employees?”

Community

Valuation Sentiment

Our model estimates -77% 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.