US-based venture capital firm Rev1 Ventures launched a $22m fund on Tuesday that attracted commitments from corporate backers including healthcare provider Cardinal Health and energy utilities AEP Ohio and IGS Energy.
The fund has also been backed by insurance companies Nationwide and State Auto Insurance, metals manufacturer Worthington Industries, conglomerate Crane Group, publisher Dispatch Printing Company, Ohio State University, Columbus Foundation and the firm’s management team.
Ohio state-owned economic development initiative Ohio Third Frontier’s Pre-Seed and Seed Plus Fund Capitalization Program provided an $8m loan to help the firm achieve the $22m target.
Rev1 Fund I will invest in seed and series A stage technology startups across the Ohio region, though it is not aimed at a specific sector. It will consider opportunities in areas such as software and hardware, life sciences, alternative energy and advanced materials.
The fund will make initial commitments of up to $1m and will both lead smaller rounds and co-invest in larger rounds.
Harry Hallowell, chief investment officer at Nationwide and a director on Rev1’s board, said: “This really is the region’s fund to support the region’s startups.
“Nationwide, for one, is committed to supporting local entrepreneurs and we know that with Rev1 at the helm, this fund will help high-growth startups make the most of their investment opportunities and set the foundation for long-term success.”