Revolution announced Monday that its Rise of the Rest Seed Fund has raised another $150 million in financing to back startups in emerging U.S. markets.
Rise of the Rest counts some of the country's most well-known executives and entrepreneurs among its investors. The list includes Amazon CEO Jeff Bezos, Dan Gilbert of Quicken Loans, the Koch family and a handful of other billionaire philanthropists and investors.
New investors in this fund include Kevin Plank of Under Armour, Brad Smith of Intuit, former Twenty-First Century Fox chief James Murdoch, author Joshua Harris and former Tennessee Gov. Bill Haslam.
Revolution's David Hall will lead the new fund as managing partner. Partners Anna Mason and Mary Grove will also have expanded leadership roles on the team.
Revolution Ventures, another division that invests in larger firms, also secured $215 million last month for its third fund.
The first Rise of the Rest Seed Fund, started in 2017, has backed nearly 130 companies in 70 cities across 32 states. Its average check size is around $500,000, according to Forbes.
Several D.C.-area companies were beneficiaries of the fund, including FiscalNote, Hatch Apps, ICX Media, LifeSafe, WhyHotel, WireWheel, Rize, Upskill and others.
Revolution said that the remaining balance from the first fund will be reserved for follow-on investments. Investments in new companies will come from the new fund.
Revolution's Rise of the Rest movement got its start about five years ago when the firm began traveling around the country and hosting pitch competitions that awarded prizes of up to $100,000. Led by former AOL CEO Steve Case and "Hilbilly Elegy" author J.D. Vance, the movement quickly gained local and national publicity.
Earlier this year, Rise of the Rest completed its eighth bus tour, visiting Orlando, the Florida Space Coast, Tampa Bay, Miami and Puerto Rico. The Revolution team has now visited 43 cities and logged more than 11,000 miles touring startup ecosystems. The firm will announce the stops on its ninth tour early next year.
"We are incredibly pleased to have so many of our investors reaffirm the Rise of the Rest Seed Fund strategy and again commit to the idea that great companies can – and do – start anywhere," Case, Revolution's chairman and CEO, said in a statement. "We believe that supporting their growth will yield success for our funds, and help level the playing field so that geography is no longer a barrier to the pursuit of the American Dream."
