Report: Benefits Startup Level Shuts Down After Acquisition Falls Through
Level , a New York-based benefits startup founded in 2018, has shut down, saying it has kept a small team to assist customers.
The company shut down abruptly after the collapse of an effort to find a buyer, The Information reported Thursday (Jan. 2), citing an email from Level CEO Paul Aaron to customers.
“Unfortunately, the deal fell through at the last minute due to external challenges beyond our control,” the email said, per the report.
According to the report, Aaron said in the email that benefits plans extending beyond the end of 2024 will terminate at the end of January, no new benefit plans will be offered for 2025, claims for existing plans can be submitted through the end of January, and any plan funds will be returned to customers on or shortly after Jan. 31.
A recorded message at the company’s member and provider support phone number said Tuesday that Level has decided to wind down operations, effective immediately, with a small team in place to assist customers.
