US-based startup studio Rev1 Ventures has launched its $20m second fund with backing from diversified metals manufacturer Worthington Industries, healthcare provider Cardinal Health, media company Dispatch Printing, insurer Nationwide and grid operator AEP Ohio.
The limited partners for Fund II also include financial services firms Huntington Bank and US Bank, diversified holding company Crane Group, venture capital firm Drive Capital, Ohio State University (OSU) and University of Dayton.
Fund II will invest in seed and early-stage companies across the digital health, healthcare IT, data analytics, enterprise software-as-a-service, life sciences, human resources, financial and insurance technology sectors, and will target deals outside the state of Ohio for the first time.
AEP Ohio, Cardinal Health, Nationwide, Worthington Industries, Crane Group, Dispatch Printing and Ohio State University had previously backed Rev1’s $22m Fund I in 2016 alongside energy utility IGS Energy, insurance firm State Auto and Columbus Foundation.
Rev1’s leadership includes Zachary Ellis, who joined the firm in November 2020 as managing director having been director of new ventures at OSU for three years. He had previously managed soft drink producer PepsiCo’s corporate venturing arm, PepsiCo Technology Ventures.
The original version of this article appeared on our sister site, Global University Venturing.
