Rev1 Ventures-Supported Startup Updox Acquired by EverCommerce
Rev1 Ventures, the startup studio that combines capital and strategic services to help startups scale and corporates innovate, reveals insights behind the success of its startup client and portfolio company, Updox. Updox, the leading healthcare communication platform for in-person and virtual care, was recently acquired by EverCommerce, a leading software company transforming the service economy. Updox will join EverCommerce’s portfolio of health services companies and solutions to provide customers with faster access to more products, a broader suite of solutions, and more resources.
Headquartered in Dublin, Ohio, Updox serves more than 560,000 users across healthcare practices, health systems, pharmacies, and more than 210 million patients. Updox facilitated over 3.5 million telehealth visits since March and continues to support more than 15,000 visits per day.
“2020 underscored the importance of virtual care coordination and the need for our ubiquitous platform that helps healthcare providers manage the patient journey in its entirety – and with the support of EverCommerce, we can continue innovating,” said Michael Morgan, president of Updox. “Our growth this year and over the past 11 years is in large part due to the support we’ve received in our own backyard, including the early investment and backing of Rev1 Ventures. The Rev1 partnership was extremely important in our ability to establish our market, develop our platform, and ultimately, grow to where we are today.”
Updox was one of the first investments of Rev1 Fund I, and it exemplifies what Rev1 Ventures is seeking to accomplish with this fund: invest in great teams building companies with compelling value propositions in a capital-efficient manner. Early successes such as Updox bode well for the outlook for Rev1 Fund I, the largest seed-stage fund in Columbus history and a first-of-its-kind for the region. The corporate-backed fund, supported by Nationwide, The Ohio State University, Cardinal Health, and other top Columbus companies and organizations, including Ohio Third Frontier, has realized two successful exits thus far and has funded a number of exciting and fast-growing portfolio companies.
“We are really thrilled about Updox. What a great and well-earned success for Mike Morgan and his team. Updox was an early pre-seed investment for Rev1, which paved the way for Rev1 Fund I to have the opportunity to invest in Updox,” said Ryan Helon, Executive Vice President, Investment Funds at Rev1 Ventures. “We are committed to helping all of our portfolio companies achieve their potential for long-term growth and success, and Updox is a powerful example of a company with a compelling vision, large market opportunity, and focus on the consistent execution needed to build a great company. The acquisition by EverCommerce validates the significant value the Updox team has built over the last decade, and we know this is just the beginning for how they will continue revolutionizing the healthcare industry.”
In 2020 alone, Rev1 funded 25 companies, making it one of the most active seed-stage investors nationally.
