Rev1 Ventures Launches $22 Million Seed Fund to Fuel High-Growth Startups
Today Rev1 announces the launch of Rev1 Fund I, the company’s most significant fund to date and the largest seed stage fund in Columbus history.
Read the full announcement and my Q&A with Fortune’s Dan Primack.
This new fund is corporate-backed, which makes it a first-of-its-kind for the region, proving the power of community support and hitting another home run for our Backyard Effect.
Rev1 Fund I is supported by Nationwide, The Ohio State University, Cardinal Health, and other top companies and organizations, including The Ohio Third Frontier. Rev1 made a significant investment in the fund as did the Rev1 management team.
So, why is this new fund so important?
Because it allows us to provide more early-stage startups what they truly need—more significant initial and follow-on investment rounds as well as continued support through strategic services. With the new fund, we can provide investments of up to $1 million, leading or co-investing in larger financing rounds, helping startups invest in the market development and talent needed to innovate, build, and scale their products while also fueling local job growth.
What the Rev1 Fund I investors and supporters have to say about this ground-breaking collaboration:
“Today’s early-stage businesses in Columbus represent the future of our community, and Crane Group is excited to join Rev1 Fund 1 in its mission to support the growth of these local entrepreneurial thought-leaders.”
Crane Group, Stephanie Fortener, director, Crane Investment Company
“IGS Energy supports finding entrepreneurial solutions to social problems and is proud to support the development of new central Ohio business ventures.”
IGS Energy, Scott White, president and CEO
“This really is the region’s fund to support the region’s startups. Nationwide, for one, is committed to supporting local entrepreneurs and we know that with Rev1 at the helm, this fund will help high-growth startups make the most of their investment opportunities and set the foundation for long-term success.”
Nationwide, Harry Hallowell, Chief Investment Officer and also a director on Rev1’s board
“The Rev1 Fund aligns with Worthington Industries’ increased focus on innovation and also provides capital to accelerate the growth of promising business concepts in the central Ohio region.”
Worthington Industries, Andy Rose, Chief Financial Officer
“Insurance, like virtually every other industry, will undergo substantial change and disruption over the next decade. Some of the best and most innovative ideas will come from outside of the insurance industry and by partnering with Rev1 and investing directly in local entrepreneurs and innovators, we hope to be at the forefront of participating in these game changing ideas and new capabilities. We are thrilled beyond words that Rev1 is helping Columbus, Ohio, our hometown, become one of the most impressive entrepreneurial communities in the country.”
State Auto Insurance, Kim Garland, Managing Director, State Auto Labs
“Columbus is an exciting community with great businesses. We are creating an environment that is attracting and retaining very smart people to start businesses and create jobs. The Rev1 Fund is playing a major role in the start-up activities in Ohio.”
David Meuse, principal at Stonehenge Financial Holdings, Chairman of the Board, Rev1 Ventures, and investor in Rev1 Fund I
“Tom Walker’s and Rev 1 Ventures’ leadership is leading a renaissance in Columbus’ entrepreneurial scene. These new capital sources will help ensure we maintain our tremendous progress.”
Columbus Partnership, Alex Fischer, President and CEO
