TLDR:
- Rev1 Ventures launches a $6 million fund to support underserved founders in the pre-seed and seed stages.
- The fund is fueled by federal backing and Rev1’s own investment returns.
Rev1 Ventures, a Columbus-based venture capital firm, has announced the launch of a $6 million fund aimed at supporting founders who are underserved by traditional venture capital. The Future Value Fund II targets companies in the very early “pre-seed” and “seed” stages, which have been particularly affected by a decrease in VC funding. The fund is backed by federal programs and Rev1’s own investment returns.
The first Future Value Fund, launched in 2021, has already invested in 10 startups with roots in Central Ohio. The new fund will also back around 10 startups over the next four years, with a focus on tech companies in industries such as health IT and insurtech.
Rev1 Ventures is committed to supporting diverse founding teams and startups in areas served by Community Development Financial Institutions. The majority of the new fund’s investment committee are women, and the fund will collaborate with regional support organizations to provide additional resources for founders.
Half of the fund comes from a federal program managed by the Ohio Department of Development, while the other half is from Rev1’s own investment returns. The fund aims to help make Ohio one of the best places to launch and scale technology companies, by providing access to funding, industry advisors, and connections for early-stage startups.
