Rev1 Ventures launches fund to support new businesses
While the Columbus venture capital scene continues to spawn deals in the tens and hundreds of millions, early-stage companies lack funding.
Earlier this year, Ohio’s Third Frontier Commission appropriated $72.7 million for those companies.
Rev1 Ventures was awarded $5 million, which is paired with $5 million more from Ohio State University to launch the Future Value Fund attacking that early-stage gap.
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The fund’s first investment Oct. 6 was Redi.Health, a tech firm working to ease coordination of care for chronically ill patients.
“The Rev1 Future Value Fund I is the company’s most significant pre-seed fund to date and the largest pre-seed stage fund in Columbus history,” says Tom Walker, Rev1’s president and CEO.
The fund will also invest in spinouts from Ohio State in advanced materials, alternative energy, sensors and hardware, and ag and food tech.
Cynthia Bent Findlay is a freelance writer.