The midwest is no longer a flyover, so says Rev1Ventures, a leading VC investor in the Great Lakes region, after announcing the launch of Rev1 Fund I.
With $22m behind it, the Rev1 Fund I is the largest seed-stage fund in Columbus history. Described as a first of its kind for the region, the fund is backed by organizations such as Nationwide, The Ohio State University and Cardinal Health, among others.
Tom Walker, the CEO of Rev1 Ventures – formerly known as Tech Columbus – said, “Rev1 Fund I showcases the power of community support in building great companies.
“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.”
Rev1Ventures helping early stage startups
Last year, according to the National Venture Capital Association, startups in the United States raised some $60bn in venture funding. However, with declining funding for early and seed-stage businesses, the Rev1 Fund I will remain dedicated to businesses at the start of their journeys.
Rev1 Fund I has made the most of valuable corporate connections in the area. The fund has built partnerships across a range of disciplines, meaning the fund can invest in a range of startup sectors, including software; hardware; life sciences; alternative energy, and advanced materials.
Harry Hallowell, the CIO of Nationwide and a director on Rev1’s board, told KTVN, “This really is the region’s fund to support the region’s startups.
“Nationwide 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.”