Startups in the U.S. raised nearly $60 billion in venture funding last year (National Venture Capital Association), but early stage investments are harder to come by according to Rev1Ventures, a VC investor in the Great Lakes region (Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin).
With initial investments of up to $1 million, Rev1Ventures has announced its most significant fund to date, a total capitalization of $22 million for its Rev1 Fund I to fuel high-growth startups. The corporate-backed fund is supported by Nationwide, The Ohio State University, Cardinal Health and other top Columbus companies and organizations.
"Rev1 Fund I showcases the power of community support in building great companies," said Tom Walker, CEO of Rev1 Ventures. "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."
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