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VENTURES
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2020
IMPACT
REPORT
S TA R T U P I M PA C T
FROM
THE
CHAIRMAN
The year 2020 was all about focus and r e s i l i e n c y. O u r c l i e n t s , p a r t n e r s , a n d staff exhibited both with grace.
&
THE
CEO
Entrepreneurs and startups are built to adapt. It is what they do every day in the best of times, and our clients rose to the challenge remarkably in 2020. Our portfolio companies have retrenched. They prioritized their resources toward their customers. Some startups saw their markets dry up overnight. Others pivoted toward unique opportunities. With a strong market presence and a long-held vision for advances in healthcare services, companies like
The year 2020 was all about focus and resiliency. Our clients, partners, and staff exhibited
Updox, ScriptDrop, and Healthy Roster were especially well-positioned to respond to the
both with grace. As the pandemic took hold, it became clear, very quickly, that we all needed
crisis in unique ways.
to direct 100 percent of our attention toward the things that mattered most—the health and safety of our families, team members, and portfolio companies. Then we worked with
Our commitment to diversity and inclusion continued with 52 percent of the companies we
entrepreneurs and startups on 24-month survival plans.
invested in having diverse leadership teams. Deal flow and investments fought headwinds, yet we supported more companies than ever before, adding 44 new clients and investing $7.3MM
We quickly pivoted to deliver our startup studio services virtually—from our Customer
in 25 companies. We fed the future by expanding Central Ohio’s talent pipeline with the
Learning Labs to specialized mentoring and training for new high-growth ventures.
Innovation Internship Program, which placed 73 interns in 21 startups. We also launched the
Throughout the year, we worked with 137 companies and helped many of our portfolio
$15MM Catalyst Fund II, our second life sciences fund, strengthened our investment network
companies apply for and receive critical funding from the Payroll Protection Program. We
with co-investment partners, and laid the groundwork for three new investment funds.
Andy Rose President & CEO Worthington Industries
Tom D. Walker President & CEO Rev1 Ventures
Chairman of the Board, Rev1 Ventures
also partnered with the City of Columbus, Franklin County, JPMorgan Chase, and several entrepreneur support organizations in awarding more than $9.3MM in grants to more than 900 underserved small businesses in our community.
“ENTREPRENEURS A N D STA R T U P S A R E B U I LT TO A DA P T.”
“Focus and resiliency were the themes of 2020 as we all faced unprecedented challenges.” Focus and resiliency were the themes of 2020 as we all faced unprecedented challenges. The year ended stronger than any of us expected as we came together and learned new things about ourselves and our business—lessons that we can use every day going forward.
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2 0 2 0 S TA R T U P I M PA C T $2.9B
$447MM
2020 Total Startup Impact Revenue | Capital | Exits
All Time Total Startup Impact (2013-2020) Revenue | Capital | Exits
$194MM
$140MM
$114MM
Capital Attracted to Startups
Value of Startup Client Exits
Revenue Generated by Startup Clients
The impact data in this report of Rev1-assisted companies are sourced from PitchBook, Crunchbase, PwC, and CB Insights, and directly from the companies Rev1 supports. The data included are a snapshot in time, highlighting only the progress of companies supported between January 1, 2020, and December 31, 2020. These numbers do not include the impact of companies that have successfully exited the portfolio unless otherwise specified. Our
$7.3MM
25
52%
81
1250
Invested in Startup Clients
Unique Companies Funded
*Diversity of Portfolio Leadership
Companies Accessing Investment (excludes grants)
Jobs Created & Retained
MAKING
data collection process is audited annually.
*Rev1 defines diversity as a company with a minority or woman as the inventor, founder, or leader.
HEADLINES
How to Launch a Business During Economic Uncertainty
5 Out-of-the-Box Strategies for Growing During a Downturn
Aware Raises $12MM in Series B Funding
Telehealth Company Updox Acquired by Denver Unicorn EverCommerce
Housing Market Skirts Coronavirus Crisis as Sellers Use Matterport 3D Virtual Tours
PRA Health Enters Into Strategic Deal With Deep Lens
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INVESTING IN W H AT ’ S N E X T
EKG Leads Organizer
2020 was a challenging year for everyone, yet there were many moments to celebrate. Entrepreneurs are problem-solvers, and in down markets, they get some of their best ideas. The entrepreneurs that we work with are made for challenges. They are resilient. When one thing doesn’t work, they pivot to a different approach.
Mobikit is building data infrastructure
Rev1 funded 25 unique companies last year. These high-potential startups are pivoting to
for connected vehicles.
tackle some of the biggest challenges facing the world today. From COVID-19 testing, to telehealth, to new therapies for pancreatic cancer and ischemic stroke, Central Ohio startups are ushering in a new wave of ideas and innovation.
Basking Biosciences is
PerioFil
developing a novel therapeutic to treat ischemic stroke.
Clarametyx is fighting life-threatening bacterial infections beyond antibiotics.
3Bar Biologics helps improve the quantity and quality
Koru Biopharma
Ubihere provides
of crop production.
real-time asset location Matterport creates Self-Retaining Vein Retractor
The circle size does not indicate company size or investment size.
information GPS-free.
immersive 3D digital tours for building spaces.
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FOSTERING INCLUSIVE I N N O VAT I O N Rev1 believes strongly that startup companies with diverse leadership—including women and people of color—will be more successful. There is more work that each of us can and must do right in our own backyard to improve diversity in every aspect of this industry—from
Akin Lawal Co-founder & CEO
Naveed Iqbal Founder & CEO
Kenny Anunike Founder & CEO
Anjan Contractor Co-founder & CEO
Stash Duell helps subscribers build
Dolr is a student loan repayment platform
Skelo Wear® is an innovative protective
BeeHex is a robotics company
healthy and sustainable financial
accelerating its members to $0 student
equipment company that is geared
modernizing food preparation and
behavior by rewarding them for
debt with their money, employers’ money,
towards keeping athletes in the game.
personalization with a versatile 3D
saving money through gamification.
and money from the apps they use.
food-printing platform technology.
entrepreneurs, to partners in VC firms, to the companies that receive investment, and more. Diversity, Equity and Inclusion are woven into the fabric of our startup studio program, focused on helping our clients diversify their teams by: • Sourcing diverse talent and educating them on the benefits of team diversity; • Connecting them with culturally competent advisors who can help them succeed, and • Diversifying our own team and board to enable the network effect of our work.
59% Client Diversity
52%
61%
of Companies Funded Have Diverse Leadership
Rev1 Innovation Internship Program Diversity
44% Rev1 Staff Diversity
Rev1 has made significant progress in improving the pipeline of our work from outreach through investment and to the ultimate diversification of the client teams we support.
INCLUSIVE
I N N OVAT I O N
PARTNERS ADVANCE REACH For CommercializationTM
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TECH
SOLUTIONS
TO
ACC E L E R AT E
SOCIAL
CHANGE
“SureImpact facilitates continuous improvement and increases efficiency,” Jones said. “It’s
S h e r i C h a n e y J o n e s - C o - f o u n d e r, S u r e I m p a c t
about changing lives.” SureImpact’s intellectual property is based on analysis of 70 different types of organizations and 58 different measurements that a user can choose, based on needs and mission.
Serial entrepreneur Sheri Chaney Jones founded SureImpact, a technology company, specifically to help social sector organizations better track, manage, and report their extraordinary social impact.
The company’s target market includes organizations addressing social determinates of community wellbeing. These include education, job training, basic needs, mentoring, financial literacy, mediation, housing, workforce development, public safety, social supports, and behavioral and physical health, to name a few.
“We went to some of our clients just with a PowerPoint deck and asked them if we built a platform that did this, would they be interested, and would they pay,” said Jones. “Five of them paid upfront for a first-year license. That gave us the resources and the customer validation to build the platform.” SureImpact delivers a customizable, cloud-based software platform that gives social service organizations a way to measure what they have done, who they serve, and how well they
“SureImpact facilitates continuous improvement and increases e f f i c i e n c y. I t ’ s a b o u t c h a n g i n g l i v e s . ”
serve them.
S TA R T I N G U P STA R T U P
42
175
New Clients Entered Startup Studio Program
Entrepreneurs Educated in Rev1 Learning Labs
STUDIO
$549K Discounted Services Delivered by Vetted Service Providers
VA L U E
8
273
Senior Leaders Placed
Companies Assisted
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Samuel Baddoo - Founder & CEO, Fleri
COLUMBUS’S
B AC KYA R D
EFFECT
CONTINUES
“There is an authenticity with relationships in Ohio that pays off in ways you wouldn’t believe.” Samuel Baddoo is like many immigrants who leave their home countries for life-changing
Fleri partners with insurance companies in emerging markets to provide a range of insurance
opportunities and continue to provide care and support for family members and loved ones
plans for individuals, families, and seniors. Immigrants in the U.S. pay sustainable premiums
back home.
for health insurance for their relatives in Africa. Those relatives receive ID cards that gain access to healthcare providers for the care they need.
After immigrating to the United States six years ago from Ghana, Baddoo founded Fleri, a cross-border insurance marketplace. Fleri provides a secure and affordable way for
As a lead generation and customer acquisition partner, Fleri helps insurers add thousands
immigrants in the U. S. to compare and purchase health insurance for family members and
of new policyholders while increasing the number of people in Africa who have access
loved ones in Africa. Even though reputable health insurance coverage is available in many
to quality healthcare. Baddoo is amazed by all the doors that have opened for Fleri in
parts of Africa, many people can’t afford to buy it.
Columbus. “There is an authenticity with relationships in Ohio that pays off in ways you wouldn’t believe,” he says.
S TA R T I N G U P STA R T U P S
TO
WATC H
Portal Green provides employment
Invirsa is developing a new treatment
risk mitigation for the service and
approach for viral diseases that
hospitality industries. In 2020, Portal
Enlighten Mobility combines
ScriptDrop, a pharmacy-integrated
Concur is an organic skincare company
FARE.GAME is a technology
boosts the immune system and
Green launched an online screening
research and innovation to design
prescription service, launched
that focuses on microbiome-protection to
company specializing in solutions
improves healing. Invirsa’s approach
tool to quickly and consistently assess
specialized rehabilitation technology
nationwide delivery for consumers and
reduce common skin issues. Concur added
that allow public transit to truly
to viral infections, including COVID-19,
and track employee readiness to report
for underserved individuals.
experienced a 500 percent increase in
a COVID-19 at-home test to its product suite.
become a public good by eliminating
treats complicated conditions and
the cost of the ride at the fare box.
prevents diseases from spreading.
to work based on CDC Guidelines.
customers across the country.
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I N N OVAT I O N PARTNERS
SPINOUTS
TO
GROWTH
WATC H
PerioFil
Koru Biopharma
PerioFil, a spinout of OhioHealth, is
Vitranu, Inc., a spinout of The Ohio State
Koru Biopharma, a spinout of The Ohio
in clinical trials with a biodegradable
University, is developing an implant
State University Wexner Medical Center, is
injectable FDA-approved material that
system for sustained-release treatment for
determined to revolutionize the treatment of
reduces periodontal pocket depth.
age-related macular degeneration (AMD).
pancreatic cancer through precision therapy.
IN
SPINOUTS
185
15
15
Opportunities Reviewed
Spinouts Funded
New Companies Formed
SPINNING OUT C U T T I N G - E D G E A P P R O A C H TO S O LV I N G A N T I B I OT I C- R E S I STA N T I N F E C T I O N S
“The concept of targeting bacterial biofilms has advanced dramatically in recent years. This new mechanism overcomes many of the limitations of prior technologies,” said Lauren Bakaletz, Ph.D., co-inventor of the technology. “With this novel approach, we have an opportunity to shift the paradigm for clinical management of a multitude of diseases,” she said. Clarametyx Biosciences, a spinout of Nationwide Children’s Hospital, combats the formidable challenge of persistent antibiotic-resistant infections through an innovative technology platform that targets biofilm—the protective layer around bacteria.
In addition to therapeutic applications, the same technology may serve as a powerful vaccination tactic, enabling the body’s immune response to counter new bacterial threats effectively by preventing the development of the biofilm barrier.
Antibiotic resistance is one of the top threats to public health worldwide. Antibiotics are designed to eliminate disease-causing bacteria, but biofilms shield the bacteria from the effects of antibiotics, either requiring higher concentrations of antibiotics to resolve the infection, or rendering the antibiotic ineffective. According to the Centers for Disease Control, these resistant infections cause more than 2.8 million illnesses and more than 35,000 deaths annually in the U.S. Initially, Clarametyx is focusing on chronic and recurrent infections of the respiratory tract.
“With this novel approach, we have an opportunity to shift the paradigm for clinical management of a multitude of diseases.”
L a u r e n B a k a l e t z - S c i e n t i f i c C o - f o u n d e r, C l a r a m e t y x B i o s c i e n c e s REV1 VENTURES
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SCALEUPS
32
25
Companies Raised $1MM+ in Funding
Companies Achieved $1MM+ in Revenue
64 Co-investors
TO
WATC H
Aware provides security, compliance and
pH Matter is an advanced materials
governance for enterprise collaboration.
company that creates carbon
With the massive influx of remote work
nanoparticles to overcome energy
due to the coronavirus pandemic, digital
challenges in batteries and fuel cells. pH
communications platforms are suddenly
Matter received an award from NASA to
top-of-mind for organizations worldwide.
produce and store energy on the moon.
Michael Morgan - President, Updox
SCALING UP Long before the pandemic, Updox envisioned a platform to manage healthcare communications across both in-person and virtual care. Today, Updox serves more than 560,000 users across healthcare practices, health systems, and pharmacies, and more than 210 million patients. Updox facilitated over 3.5 million telehealth visits in the last year and continues to support more than 15,000 visits per day. “2020 underscored the importance of virtual care coordination and the need for our
“Our growth over the past eleven years is in large part due to the support we ’ ve re ce i ve d i n o u r ow n b a c kya rd .”
ubiquitous platform that helps healthcare providers manage the patient journey in its entirety. With the support of EverCommerce, we can continue innovating,” said Michael Morgan, president of Updox. “Our growth over the past eleven years is in large part due to the support we’ve received in our own backyard. The Rev1 partnership was vital to our ability to establish our market, develop our platform, and ultimately, grow to where we are today,” Morgan said.
In 2020, Updox was named to the Inc. 5000 list of America’s fastest-growing private companies for the sixth consecutive year. Then, just a few months later, the company was
The company’s thoughtful approach to market segmentation and validation, the deliberate
acquired by EverCommerce, a leading service commerce platform.
process of building strategic business partner relationships, and the management team’s ability to deliver on the business plan have accelerated Updox’s growth. The plan is to
But perhaps the most exciting news coming out of Updox is the company’s consistent and
continue to build out the communications and human connectivity of the Updox platform
industry-leading success in connecting patients’ entire care teams and giving the foundation
in Dublin, OH, and to segment the healthcare marketplace to address the needs of patient
needed to provide truly effective value-based care.
populations further.
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MANAGING
REV1
LABS
I N N OVAT I O N
CENTER
IN
A
PANDEMIC
Rev1 Labs residents are entrepreneurs, startup companies, and corporate innovators. In 2020,
We aligned residents’ expectations with the realities of the pandemic, managing from
it was more important than ever to keep them connected to the entrepreneurial ecosystem
quarantine, to closure, to reopening. We created floor signage and contactless security and
while supporting their health and safety.
deliveries. We conducted virtual events with quality content, success stories, and struggle stories, too.
Entrepreneurial businesses are always strapped for resources. That’s why Rev1 Labs exists in the first place, to provide flexible and affordable space and services for entrepreneurs and
Frequent communications with residents and adherence to health and safety procedures
their young businesses.
have positioned us to respond quickly and effectively to whatever comes next.
From the beginning of the pandemic, we established safe operating procedures based on
We and our residents share an esprit that connects us in a unique way. We will continue
state regulations and recommendations. We continually communicated as rules changed. As
to work together to conduct business and do our part to preserve an environment that is
the pandemic evolved, we listened and adapted as entrepreneurs and startups told us what
productive and safe for all.
they needed—from initial relief on rent to virtual access to Rev1 advisors.
S PA C E T O I N N O VAT E
46
140
63%
35.4%
$19.2MM
Resident Companies
Resident Employees
Diversity among Resident Leadership
Diversity among Resident Employees
Raised by Resident Companies in 2020
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C O R P O R AT E I N N O VAT I O N
655
339
Opportunities Assessed
Connections Made
17 Pilots | Contracts | Investments
I N N OVAT I O N
Our corporate innovation partners leverage the Rev1 startup studio approach to validate
PROGRAMS
and launch new business opportunities, and engage with the startups that matter most to their business. Rev1 injects an entrepreneurial energy into the enterprise DNA. We help our partners build lasting innovation infrastructure that leads to new technologies, new business models, and investments in startups.
I N N OVAT I N G
TO
REDUCE
Every year, more than a million tons of material enters the Franklin County landfill. Solid Waste Authority of Central Ohio (SWACO) and Rev1 Ventures have teamed up to connect with startups to reduce or divert these materials. Our goal is to help Central Ohio reach 75 percent diversion by 2032. We understand the value entrepreneurs will bring to this mission. SWACO is at the forefront of sustainability, and food waste is a critical sector to tackle.
FOOD
WAST E
“ We r e c o g n i z e t h a t t o revolutionize the way food waste is reduced and managed, we must tap our community of innovators.”
SWACO shares our commitment to supporting innovation by helping startups through access to expert advisors, insights into market needs, and the ability to pilot technologies within real-world environments.
While the food waste initiative is the focus of the first phase of our partnership, the goal is to evolve into a broader approach that supports startups innovating across all segments of the
“We recognize that to revolutionize the way food waste is reduced and managed, we must
waste and recycling industry.
tap our community of innovators,” said Ty Marsh, executive director at SWACO. “By aligning with Rev1 Ventures, we’re able to more clearly identify and support the startups that will
We are happy to welcome SWACO as a new partner in our impressive and growing list of
make a difference.”
innovation partners.
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O P E R AT I O N A L H I G H L I G H T S Fund Management & Corporate 22%
Ohio Third Frontier 35%
Ohio TechAngel Funds 1%
Fund Management, ROI & Other 21%
2020 Inflows
Rev1 Concept Investments 2%
Rev1 is a startup studio that combines capital and strategic services to help startups grow and corporates
Rev1 Labs Facility 14%
innovate. Revenue inflows are comprised of corporate innovation contracts, investment fund management,
2020 Outflows
2020 Investments
community and partner support, returns from our investments, and Ohio Third Frontier funding. Our expense outflows are 78 percent dedicated to startup studio services and the Rev1 Labs facility. In 2020, the
Innovation Service & Contracts 44%
investment profile was made up of concept, seed, and
Startup Studio Services 64%
BOARD
Rev1 Seed Funds 97%
OF
Stephanie Fortener, Vice President, Crane Investment Company Kim Garland, SVP Commercial Lines and Managing Director, State Auto Labs Michele Holcomb, EVP, Strategy and Corporate Development, Cardinal Health
DIRECTORS
angel investment funds. An independent firm annually audits Rev1 Ventures and its investment funds.
REV1
VA L U E S
ENTREPRENEUR FOCUSED
INGRAINED INCLUSION
D U A L- I M PAC T DRIVEN
PERSISTENT CURIOSITY
C O L L A B O R AT I O N
INTEGRITY
David Meuse, Prinicipal, Stonehenge Partners Mike Papadakis, SVP and Chief Financial Officer, The Ohio State University Susan Rector, Attorney at Law, Peterson Conners Kevin Reeves, Vice President, Natural Gas and Power Origination, BP Energy Company Tim Robinson, Chief Executive Officer, Nationwide Children’s Hospital Andy Rose, President, Worthington Industries Carter Stewart, Managing Director, Draper Richards Kaplan Foundation Tom Walker, President & Chief Executive Officer, Rev1 Ventures Kim Zavislak, Columbus Office Managing Partner, KPMG Sue Zazon, President, Central Ohio Region, Huntington Bank REV1 VENTURES
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MADE
POSSIBLE
BY
OUR
PARTNERS
AEP
Columbus State Community College
IGS
Porter Wright Morris & Arthur LLP
AT&T
Continental Office
Insperity
Safelite
Battelle
Crane Group
JPMorgan Chase & Co.
Solid Waste Authority of Central Ohio
Calfee, Halter & Griswold LLP
Dickinson Wright LLC
Kegler Brown Hill + Ritter
Sophisticated Systems
Cardinal Health
EDGE Innovation Hub
Nationwide Children’s Hospital
State Auto Insurance Companies
CAS
Fifth Third Bank
Nationwide Mutual Insurance
Stonehenge Partners
City of Columbus
Franklin County
Ohio Farm Bureau Federation
The Columbus Foundation
City of Dublin
g2o
Ohio REALTORS
The J.M. Smucker Company
City of New Albany
G-Force Innovation
Ohio Third Frontier
The Ohio State University
City of Upper Arlington
Grove City
Ohio Wesleyan University
Thompson Hine LLP
Colliers International
Huntington Bank
OhioHealth
Wolfe Enterprises Inc.
Columbus Partnership
Ice Miller LLP
One Columbus
Worthington Industries
This list represents a partial and growing roster of partners who have supported Rev1 Ventures’ work to help entrepreneurs build great companies.
1590 N High St. Columbus, OH 43201 1275 Kinnear Rd. Columbus, OH 43212 614.487.3700 rev1ventures.com
Rev1 Ventures is the startup studio that combines capital and strategic services to help startups scale and corporates innovate. Based in the Midwest, Rev1 connects entrepreneurs to talent, customers, space, and funding, helping entrepreneurs build great companies. With a proven track record of success, Rev1 is the most active seed investor in Ohio since 2012. For more information, visit www.rev1ventures.com.
