Rev1 Ventures' success in numbers
Rev1 Ventures is a nonprofit venture capital firm investing in very early stage tech companies, and mentoring and supporting entrepreneurs with office space and expertise. It counts its success a little differently than other venture firms—in impact to the Ohio economy.
In its annual report released at the end of April, Rev1 says with the December acquisition of one of its premier portfolio companies, Updox, its investments have helped generate more than $113 million in revenue and nearly $140 million in exits for the region’s startups.
Originally a regional manager for Ohio Third Frontier funds, Rev1 says it’s attracted $194 million in private capital to the region. The company also played a role this past year distributing about $10 million in CARES Act funds in the form of grants to local small and mostly minority-owned businesses.
In March, Rev1 ramped up a new $10 million for-profit Future Value Fund, which it says it the largest pre-seed stage fund ever in Columbus. And in this year’s report Rev1 touted its commitment to diversity, with 52 percent of its funded companies boasting minority leadership.
Cynthia Bent Findlay is a freelance writer.