Tech startups supported by Rev1 Ventures have generated $5.4 billion in economic impact in Ohio over the past 10 years, $3 billion of that within Central Ohio, according to the organization's 2023 annual report.
Last year, those startups collectively generated $192 million in revenue and attracted $390 million in outside investment during a tough climate for venture capital. They also employ more than 1,000 workers at an average $105,000 salary.
Columbus-based Rev1 manages more than $160 million in investment funds, both its own internal funds and dedicated funds it manages on behalf of companies and research organizations. In 2023 Rev1 invested $6.4 million in 17 companies.
That total of assets under management includes Rev1's largest single fund to date, which launched last fall: $30 million to support biotech spinouts and research commercialization from Ohio State University and Nationwide Children's Hospital.
Also in 2023, 142 companies received services, including 28 new startup clients, with or without investment. Rev1 runs training programs including a customer validation bootcamp and offers a network of business services and connections to mentors and potential customers.
Rev1 also provides lab and office space at 1275 Kinnear Road, housing 47 companies with a collective 180 employees. A few years ago the organization moved its administrative offices to Ohio State University's Gateway development on High Street to free more space in Kinnear.
Its internship program placed 125 students from 17 universities with 28 startups last year.
Rev1 surpassed $4 billion in economic impact in 2021, when client companies also attracted a then-record $278 million in outside capital.
The nonprofit's operations are funded by a combination of sources: 38% innovation contracts and services to companies, 35% from the Ohio Third Frontier bond program, 23% from management fees and investment returns, and 3% grants. About 2/3 of expenditures are services to startups.
