A Columbus venture capital company, Rev1 Ventures, aims to grow businesses in Ohio and throughout the Great Lakes region by launching a new fund.
It describes Rev1 Fund II as “a $ 20 million corporate-backed fund to support high-growth businesses”. Rev1’s first fund, aptly named Rev1 Fund I, supported companies like Updox, MentorcliQ and Aware.
“Given the many challenges the past year has brought, it has never been more important for startups to have the funding and support they need to be successful,” said Tom Walker, CEO of Rev1 Ventures , in a statement.
Rev1 Fund II will invest in high-growth seed and early-stage companies in the areas of digital health, healthcare IT, HR technology, fintech, insurtech, data analytics, enterprise software-as-a-service and life sciences. The fund is backed by corporate investors from the Columbus area including Nationwide, Worthington and Crane, all of whom invested in Fund I in 2016, as well as new investors Huntington, US Bank, Drive and the University of Dayton. The institutional investors in Rev1 Fund II include:
The company notes that in 2020, despite the economy slowed by the pandemic, “Startups in the Great Lakes earned around $ 5.7 billion, according to PitchBook, up from $ 5 billion in 909 deals in 2018” . The region “has had a 400 percent increase in venture capital funding since 2006,” notes Rev1 Ventures, but it “still represents only four percent of national venture capital funding.”
In 2020 Rev1 Venture invested in 25 companies.