This Impact Report summarizes the many accomplishments of our community of entrepreneurs, innovators, and investors.It is something to be proud of, especially considering all that we have been through beginning with the pandemic in 2020 and the resulting backdrop of recent market conditions. When we think about the many achievements of these businesses during these volatile times, it really is extraordinary.
In spite of these challenges, 2022 was actually a strong year for Rev1 Ventures. Our portfolio reversed national exit trends, allowing us to provide strong distributions to our community investment partners. These returns came from companies we’ve supported for many years that reached impressive maturity in 2022.
The success of those companies validates the viability of our business model. As the pipeline of entrepreneurs and innovative new companies in Central Ohio continues to grow, we are adapting the way we support new pre-seed and seed-stage companies. In 2022, we helped 56 of these companies raise more than $250,000 in critical early-stage capital and a total of 40 companies raise more than $1M. That’s a strong pipeline of entrepreneurial startups added to Ohio’s economy.
The Columbus community has been steadfast in supporting Rev1’s efforts to launch and build a startup infrastructure and economy. We are excited about the success of the entrepreneurs and companies that we support. Our programs will continue to mature and adapt to the evolving needs of entrepreneurship in Central Ohio. As the pipeline of entrepreneurs and innovation continues to grow, our future is bright.
2022 Startup Impact
$714MM
Revenue | Capital | Exits
$4.8B
All Time Impact from 2013 – 2022
$177MM
$182MM
$354MM
29
1031
$109K
*2022 impact includes significant (undisclosed) capital attracted from corporate funds
29 Companies Received $13.5MM in Rev1 Funding
Check Out Our Growing PortfolioDive deep into a few of our 2022 investments:
SureImpact, a customizable, cloud-based software platform that allows mission-driven organizations to easily manage their unique social impact.
Learn more about SureImpact
Invirsa's lead compound, INV-102, combats viral conjunctivitis (viral pinkeye) by enhancing the body's own ability to fight the disease.
Learn more about Invirsa
Redi.health believes every patient has the ability to overcome today’s healthcare barriers if they are given the right tools. We empower patient
Learn more about Redi.Health
Armatus Bio, based in Columbus Ohio, is an emerging biotechnology company.
Learn more about Armatus BioExpanding Access To Capital
Closing the capital gap for entrepreneurs is an important part of our mission. With focus on pre-seed and seed stage funding we track the number of companies that access $250K+ and $1M+ as a means to monitor the growth of the start-up market. 2022 showed a growth in both areas.
| 40 Companies Raised $1MM+
| 56 Companies Raised $250K+
| 152 Co-investors
Starting Up: 41 New Clients Entered the Startup Studio
Rev1’s clients are full of big ideas. These companies are ready to tackle issues in public safety and policing, cybersecurity, enterprise software, technologies to detect algae in water supply, mobile platforms for health and wellness, business development for real estate investors, IT, life sciences, and more.
- 186 Entrepreneurs Educated in Rev1 Learning Labs
- $692K Discounted Vetted Services Delivered
- 73 Client Satisfaction Score
(70+ is considered Excellent) - 60%+ Client 5-Year Survival Rate
(vs. 50% national average according to the US Bureau of Labor)
Commercialization Catalyst
A landscape like ours in only possible with strong collaboration and partnerships on every sector. The Ohio State University and Nationwide Children’s Hospital have consecutively worked with Rev1 Ventures, its entrepreneurs, and innovators. We’re proud to highlight a few funded spinouts below.
Armatus Bio, based in Columbus Ohio, is an emerging biotechnology company.
Learn more about Armatus Bio
Developing a therapy and vaccine to treat and prevent pneumonia.
Learn more about Clarametyx Biosciences
Invirsa's lead compound, INV-102, combats viral conjunctivitis (viral pinkeye) by enhancing the body's own ability to fight the disease.
Learn more about InvirsaSuccessful Exits
Startup success breeds startup success. High-growth companies bring new innovations to market while growing family-wage jobs, attracting capital, creating positive returns for investors, and building a prosperous community. This year we added 6 exits to our notable exit list. Learn more about a few of them below.
Complion, founded by clinical researchers and coordinators, ensures compliance while minimizing the regulatory burden.
Learn more about Complion
Simplify and accelerate the processes that prevent new hires from getting to work so you can hire up to 90% faster at half the cost.
Learn more about Able Software Inc.
MentorcliQ drives employee engagement, development, and retention through an award-winning mentoring approach and technology.
Learn more about MentorcliQ
Improve the customer experience and reduce inefficiency with automation powered by Artificial Intelligence.
Learn more about Flyreel
Fostering the Next Generation of Entrepreneurs
In 2022 we continued to grow our Innovation Internship Program to create a pipeline of talent to fuel the startups of the future!
- 208 Interns Placed
- 62% Diversity
- 35 Startups
- 25 Universities
Read More
Expanding Inclusive Entrepreneurship
In 2022, we expanded our commitment to underserved entrepreneurs:
- Partnered with Aventi Enterprises, to launch Community Business Accelerator for underserved founders.
- Launched Grow to Scale Mentor program to provide experienced, culturally competent mentors for women and entrepreneurs of color.
| 61% Client Diversity
| 62% Diversity of Funded Companies
| 57 Companies Supported through Aventi Business Accelerator
| 104 Companies Educated through Customer Learning Lab
Launched DE&I Grant Fund
We know companies with diverse leadership are more successful. However, diverse and underserved founders face many challenges, including lack of access to early friends and family funding. With support from Franklin County and the City of Columbus, we launched this new grant program to fund promising companies with diverse leaders. Three companies received $100,000 grants
Space to Innovate
Our innovation center is proving to be the best place in Central Ohio for founders, talented teams, and investors to start a company and accelerate growth. With the right connections and resources this is proven to be more than just a place to work.
55
Resident Companies
147
Resident Employees
$41.3MM
Raised by Resident
Companies
$13.5MM
Resident Revenue Generated
2.9 Years
Average Residency
60%
OSU Spinouts
Fostering Corporate Innovation
Leading enterprises leverage Rev1’s startup studio approach to create, engage, and invest in breakthrough innovations. In 2022 we added two unique partnerships:
Worthington Industries: This partnership is focused on fueling innovation in smart manufacturing, Internet of Things (IoT), data & analytics, and sustainability, investing up to $10 million per deal.
COTA: A partnership through COTA’s GO! Mobility Lab, is working on advancing new technologies in customer experience, mobility planning, and operational excellence.
- $299MM Corporate Innovation Impact
- 159 Corporate Innovators Trained
- 1467 Technologies Assessed
- 127 Startups Connected to Corporate Innovators
- 19 Pilots & Contracts
Rev1 Awarded $12MM Grant from Ohio Third Frontier
More than 60 corporate and community partners committed to providing local matching funds.
Operational Highlights
2022 Inflows
2022 Outflows
2022 Investments
Board of Directors
Stephanie Fortener
SaaS Capital
Managing Director
Kim Garland
State Auto Labs
SVP Commercial Lines and Managing Director
David Meuse
Stonehenge Partners
Rev1 Chairman Emeritus
Mike Papadakis
The Ohio State University
SVP and Chief Financial Officer
Tim Robinson
Nationwide Children's Hospital
Chief Executive Officer
Andy Rose
Worthington Industries
President
Kim Zavislak
KPMG
Columbus Office Managing Partner
Sue Zazon
Huntington Bank
President, Central Ohio Region
Tom Walker
Rev1 Ventures
President & Chief Executive Officer
Shaun Young
Nurx
SVP Operations
Matthew Orr
The Crane Group
Vice President
Terrence O’Donnell
Dickinson Wright
Member and Government Relations Group Chair
David Dennis
Cardinal Health
Vice President of Strategy and Business Development
Our Partners
Rev1 recognizes that delivering these impacts takes a community-wide effort. We are proud to have the support of over 60 partners in economic development, strategic innovation, donated and discounted services, and venture fund investors including critical support from Ohio Third Frontier. Thank you for your continued support – we couldn’t do it without you.
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