Northwestern Mutual, through its venture capital arm, has helped lead a $15 million Series D funding round in a North Carolina software firm that serves customers in the financial services, legal and nonprofit sectors.
Levitate, a Raleigh, North Carolina, company led by serial entrepreneur Jesse Lipson, announced the round Aug. 8 that was led by Northwestern Mutual Future Ventures of Milwaukee; Birmingham, Alabama-based Harbert Growth Partners; and Bull City Venture Partners of Durham, North Carolina.
The latest round brings Levitate's total raised capital to $55 million. Northwestern Mutual Future Ventures and Harbert Management Corp. are new investors in the software-as-a-service company.
Led by Managing Director Craig Schedler, Northwestern Mutual Future Ventures invests in companies focused on financial services technology, customer experience, digital health and data analytics. It is the venture arm of Milwaukee-based life insurance and financial services firm Northwestern Mutual.
"We're thrilled that investors like Northwestern Mutual, Harbert Growth Partners and Bull City Venture Partners have recognized the progress we've made and the enormous potential that Levitate has in front of us," Lipson told the Triangle Business Journal, a sibling publication of the Milwaukee Business Journal, in an email. "This funding round will allow us to continue to spread the word about Levitate and invest in more breakthrough innovation for our customers."
Since 2017, Levitate, or the "Happiness Platform" for relationship-centered businesses, has offered communication tools to more than 6,000 customers. Its latest suite of tools includes features like website design, blog content creation and Google Review management — all powered by Levitate's AI assistant.
DOWNLOAD the free MBJ app for breaking news alerts on your phone
Levitate has customers across financial services, legal and nonprofit sectors, according to Wayne Hunter, managing partner at Harbert Growth Partners.
“Communicating authentically at scale is a massive opportunity for the financial services industry — one that can unlock greater engagement between clients and their financial advisers,” Northwestern Mutual Future Ventures' Schedler said in a release.
Levitate plans to grow its headcount and services going forward. Lipson, CEO and founder, said the plan is to hire more than 50 over the next year.
Levitate had around 150 employees when it announced a nearly $14 million raise in April 2023 with plans to hire at least 30.
Lipson sold his previous company, Sharefile, to Citrix (Nasdaq: CTXS).
