Aluna Partners underwrites a $4 million debt facility for LVL Wellbeing
“Aluna provided a simple and flexible solution that really met our needs. In growth mode, having a facility that can be moulded to the terms we needed on our trajectory, consistently mirroring market rates made Aluna's option a no brainer. We had term sheets on the table from other larger providers, but they weren't designed with our success in mind - terms were generic, one sided and complex compared with Aluna.”
LVL Wellbeing, a wellbeing-as-a-service platform based in UAE, and Aluna Partners, a global investment banking boutique specialising in alternative credit solutions, today announced the closing of a new $4 million venture debt facility. Under the terms of the deal, LVL Wellbeing is expected to draw down the notional amount over a period of 18 months.
“Aluna provided a simple and flexible solution that really met our needs. In growth mode, having a facility that can be moulded to the terms we needed on our trajectory, consistently mirroring market rates made Aluna's option a no brainer. We had term sheets on the table from other larger providers, but they weren't designed with our success in mind - terms were generic, one sided and complex compared with Aluna.” said Orrin Benford, Chief Operating Officer & Co-Founder of LVL Wellbeing. “Funds will be utilised to extend the cash runway our $10m Series A provided, putting us in a position of serious strength as we go into our Series B.”
Aluna Partners is an experienced underwriter in the healthtech space. Since inception, the firm has supported 28 technology scale-ups to get easier access to capital.
Rising stress levels and mental health issues, caused by increasingly demanding jobs, busier schedules, and the inability to regularly socialise, are leading to a spike in employees turnover. Remote and on-site workforce need a flexible, consumer-centred corporate wellbeing solution that supports them step-by-step. A growing portion or the workforce prefers to work remotely, whilst businesses favour in-office working to enhance productivity and team-building. LVL Wellbeing's clients benefit from a higher retention rate thanks to a comprehensive digital catalogue for the mind and body that helps subscribed employees de-stress and socialise, anytime and anywhere. LVL Wellbeing's premium product mix is made up of a centralised digital platform and physical wellness clubs, in parallel with the hybrid working trends; it offers subscribed employees the opportunity to embark upon their personalised wellness journeys. LVL Wellbeing’s physical hubs integrate the convenience of an on-site corporate gym with the exclusive customer experience of a premium wellness club: this incentivises employees to return to the office.
“We recognise large corporations' struggle in retaining their top talent. We believe LVL Wellbeing has the technology, team and digital catalogue to tackle a large market” said Stefano Sciacca, Managing Director, at Aluna Partners. "We are proud to be part of LVL Wellbeing’s growth journey.”
