New VC, Level Equity, Joins Silicon Alley Party with $120 M. Fund

The local ecosystem is already flooded with early stage capital, with venture firms in California and Boston directing more of their investment towards New York.

Now a group of digital vets has raised a monster $120 million fund for Level Equity, to invest in media and tech firms. Three of the founders — Benjamin Levin, George McCulloch and Sarah Haas, come from Insight Ventures, with Glen Shields joing from LeverPoint.

The group has a number of IPOs under its belt and Insight has a couple of hot web companies in its portfolio, including Flipboard and Twitter.