Central Ohio corporations put $20 million into venture capital fund

Rev1 Ventures, a Columbus venture capital fund, has received a $20 million infusion from some of central Ohio's largest companies.

The money will be used to create Rev1 Fund II, to provide startup companies with capital and strategic advice. 

Rev1 Ventures' first fund helped successful Columbus startups including Updox, MentorcliQ, and Aware.

“In light of the many challenges this past year has put forth, it’s never been more important for startups to have the funding and support they need to thrive,” Tom Walker, CEO of Rev1 Ventures, said in a news release.

“Our approach meets entrepreneurs’ individual needs and growth plans and connects them with corporate and research partners to help them access customers and markets.

In addition to providing capital, Rev1, founded in 2005, operates a "studio" where entrepreneurs can work on their ideas with a stable of business veterans. 

“The value of Rev1’s resources, outside of just funding, cannot be overstated for the growth of our company in the last few years,” Dave Billiter, co-founder and CEO of Deep Lens, which seeks to quickly recruit cancer patients for clinical trials, said in a news release.

The second Rev1 fund will seek new high-growth companies in several fields including digital health, health care IT, HR technology, fintech, insurtech, data analytics and life sciences.

Investors in the fund include Nationwide, Worthington Industries and Crane, all of whom invested in the first Rev1 fund in 2016. They are joined by several other companies this time, including Huntington, U.S. Bank, Cardinal Health, the Dispatch Printing Company and AEP Ohio.

jweiker@dispatch.com

@JimWeiker