Rev1 Ventures Helped Generate Nearly $450MM in Capital, Revenue & Exits in 2020
Today, Rev1 Ventures, the startup studio that combines capital and strategic services to help startups scale and corporates innovate, is announcing its impact on Central Ohio’s economy in 2020 with $7.3MM in funding deployed to 25 companies.Rev1’s investments have helped generate more than $113MM in revenue and nearly $140MM in exits for the region’s startups, including the December acquisition of Rev1 portfolio company, Updox. Updox, the leading healthcare communication platform for in-person and virtual care, was acquired by EverCommerce, a leading software company transforming the service economy. Overall, Rev1’s economic impact has exceeded $2.8 billion.
“The success of our portfolio in 2020 speaks volumes about the tenacity of the entrepreneurs in Central Ohio, as well as Rev1’s commitment to supporting them in good times and in bad,” said Tom Walker, CEO of Rev1 Ventures. “While we are proud of the $193 million in capital attracted to the region, we are dedicated to continuing our upward trajectory of supporting underserved entrepreneurs in our community. Last year more than half of the companies in our portfolio had a minority or woman as the inventor, founder, or leader. We recognize there is a lot of work that we must do to improve all startup founders and investors’ diversity. Rev1 is prioritizing Diversity, Equity, & Inclusion in 2021 and beyond– because we know it is long overdue, and we’re committed to walking the walk.”
Despite a tumultuous year for businesses, venture capital funding rose 14 percent in 2020, reaching $130 billion; however, early-stage companies saw a decrease in support. Rev1 remains focused on its mission to support high-growth companies and fuel economic development in Central Ohio. The new report comes on the heels of the Rev1 Future Value Fund I (FVF), a $10MM for-profit investment fund, and the largest pre-seed stage fund in Columbus history.
Last year, Ohio startups saw a record-breaking year in investments, and Central Ohio led the way, with the Columbus metropolitan area ranking 21st among cities nationwide. From COVID-19 testing to telehealth to better ways of working, Central Ohio startups are ushering in a new era of ideas and innovations.
“During the pandemic, we used an existing piece of our platform that sends out surveys and repurposed it to send out COVID symptom surveys,” said Dan Fronczak, co-founder and President of Healthy Roster. “The end result was national adoption of Healthy Roster by universities, corporations, and professional sports organizations. Groups like Rev1 allow companies like us to take these kinds of chances and their support pays off!”
“Rev1 will continue to collaborate with corporate and research partners to fuel new investment opportunities and support even more startups in 2021,” added Walker.
Read the full Rev1 2020 Impact Report.
