Rev1 Ventures announced today the launch of a $22 million seed-stage fund to invest in a broad range of high-growth technology startups. The fund is the largest seed-stage fund in Columbus history.
The corporate-backed Rev1 Fund I received dollars from some of the largest institutions in Columbus including The Ohio State University, Nationwide, Cardinal Healthy, AEP and State Auto Insurance.
“Rev1 Fund I showcases the power of community support in building great companies,” says Rev1 Ventures CDEO Tom Walker. “We’ve attracted corporate and institutional investors from our own backyard who recognize the importance of fostering new business growth and are putting up the money to make it happen. Thanks to their groundbreaking support, Rev1 can 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.”
The Ohio Third Frontier Pre-Seed/Seed Plus Fund Capitalization Program added in an $8 million loan, and Rev1 leveraged returns from prior successful investments and personal investments from its management team to round out the $22 million.
The fund is targeted at seed- and seed-stage plus companies – those at the earlier or development end of the business spectrum. Initial investments of up to $1 million will help startups invest in market and talent development that will help to innovate, build, and scale their products.
The 2015 VentureOhio report showed a significant decrease in seed stage investments in Ohio from 2014 to 2015 (154 versus 106) and the Rev1 Fund I looks to infuse some capital back into that arena.
Image via Rev1 Ventures website.