2020 Rev1 Startup Impact Report

REV1 VENTURES | 2020 IMPACT REPORT

STARTUP IMPACT

FROM THE CHAIRMAN & THE CEO

The year 2020 was all about focus and

Entrepreneurs and startups are built to adapt. It is what they do every day in the best of

resiliency. Our clients, partners, and staff exhibited both with grace.

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 likeThe 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 theboth 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 withOur 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, yetWe quickly pivoted to deliver our startup studio services virtually—from our Customer Learning Labs to specialized mentoring and training for new high-growth ventures.

we supported more companies than ever before, adding 44 new clients and investing $7.3MM in 25 companies. We fed the future by expanding Central Ohio’s talent pipeline with the Innovation Internship Program, which placed 73 interns in 21 startups. We also launched the

Andy Rose President & CEO Worthington Industries

Tom D. Walker

President & CEORev1 VenturesThroughout the year, we worked with 137 companies and helped many of our portfolio companies apply for and receive critical funding from the Payroll Protection Program. We

$15MM Catalyst Fund II, our second life sciences fund, strengthened our investment network with co-investment partners, and laid the groundwork for three new investment funds.

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 than900 underserved small businesses in our community.“ENTREPRENEURS AND STARTUPS ARE BUILT TO ADAPT.”

“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.

REV1 VENTURES | 2020 IMPACT REPORT2

2020 STARTUP IMPACT

$2.9B

All Time Total Startup Impact (2013-2020)

Revenue | Capital | Exits

$447MM 2020 Total Startup Impact

Revenue | Capital | Exits$194MM

Capital Attracted to Startups

$140MM

Value of Startup Client Exits

$114MM

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 includethe impact of companies that have successfullyexited the portfolio unless otherwise specified. Our$7.3MM

2552%

811250

data collection process is audited annually.

Invested in Startup Clients

Unique Companies Funded*Diversity of Portfolio Leadership

Companies Accessing Investment (excludes grants)

Jobs Created & Retained

*Rev1 defines diversity as a company with a minority

or woman as the inventor, founder, or leader.MAKING 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

REV1 VENTURES | 2020 IMPACT REPORT3

EKG Leads Organizer

INVESTING INWHAT’S NEXT

Mobikit is buildingdata infrastructurefor connected vehicles.

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.

Rev1 funded 25 unique companies last year. These high-potential startups are pivoting to 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.

PerioFil

Basking Biosciences isdeveloping a novel therapeuticto treat ischemic stroke.

Clarametyx is fighting

life-threatening bacterial

infections beyondantibiotics.3Bar Biologics helps improve

Koru Biopharma

the quantity and quality

of crop production.Self-Retaining Vein Retractor

Matterport creates

immersive 3D digital toursfor building spaces.Ubihere provides

real-time asset locationinformation GPS-free.The circle size does not indicate company size or investment size.REV1 VENTURES | 2020 IMPACT REPORT

4

FOSTERING

INCLUSIVEINNOVATIONAkin 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 platformSkelo Wear® is an innovative protective

BeeHex is a robotics companyRev1 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

healthy and sustainable financial

behavior by rewarding them forsaving money through gamification.accelerating its members to $0 student

debt with their money, employers’ money,and money from the apps they use.

equipment company that is geared

towards keeping athletes in the game.

modernizing food preparation and

personalization with a versatile 3Dfood-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 Diversity52%

of Companies Funded Have Diverse Leadership

61%

Rev1 Innovation Internship Program Diversity

44%

Rev1 Staff DiversityRev1 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 INNOVATION PARTNERS

ADVANCE REACH For Commercialization TM

REV1 VENTURES | 2020 IMPACT REPORT5

TECH SOLUTIONS TO ACCELERATE SOCIAL CHANGE

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.

“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 serve them.

“SureImpact facilitates continuous improvement and increases efficiency,” Jones said. “It’s 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.

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.

“SureImpact facilitates continuous improvement and increases efficiency. It’s about changing lives.”

STARTING UP

STARTUP STUDIO VALUE

Sheri Chaney Jones - Co-founder, SureImpact

42

New Clients Entered Startup Studio Program

175

Entrepreneurs Educated in Rev1 Learning Labs

$549K

Discounted Services Delivered by Vetted Service Providers

8

Senior Leaders Placed273

Companies AssistedREV1 VENTURES | 2020 IMPACT REPORT6

Samuel Baddoo - Founder & CEO, Fleri

COLUMBUS’S BACKYARD 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.

STARTING UP

STARTUPS TO WATCH

Portal Green provides employment

Invirsa is developing a new treatmentrisk mitigation for the service and

approach for viral diseases thathospitality industries. In 2020, Portal

Enlighten Mobility combinesScriptDrop, a pharmacy-integrated

Concur is an organic skincare companyFARE.GAME is a technology

boosts the immune system andGreen launched an online screening

research and innovation to designprescription service, launched

that focuses on microbiome-protection tocompany specializing in solutions

improves healing. Invirsa’s approachtool to quickly and consistently assess

specialized rehabilitation technologynationwide delivery for consumers and

reduce common skin issues. Concur addedthat 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 andto work based on CDC Guidelines.

customers across the country.the cost of the ride at the fare box.

prevents diseases from spreading.

REV1 VENTURES | 2020 IMPACT REPORT7

SPINOUTS TO WATCH

GROWTH IN SPINOUTS

INNOVATION PARTNERS

PerioFil

Koru Biopharma185

1515

PerioFil, a spinout of OhioHealth, is in clinical trials with a biodegradable injectable FDA-approved material that

Vitranu, Inc., a spinout of The Ohio State University, is developing an implant system for sustained-release treatment for

Koru Biopharma, a spinout of The Ohio State University Wexner Medical Center, is determined to revolutionize the treatment of

Opportunities Reviewed

Spinouts Funded

New Companies Formed

reduces periodontal pocket depth.

age-related macular degeneration (AMD).pancreatic cancer through precision therapy.

SPINNING OUT

CUTTING-EDGE APPROACH TO SOLVING ANTIBIOTIC-RESISTANT INFECTIONS

“The concept of targeting bacterial biofilms has advanced dramatically in recent years.This new mechanism overcomes many of the limitations of prior technologies,” saidLauren Bakaletz, Ph.D., co-inventor of the technology.

“With this novel approach, we have an opportunity to shift the paradigm for clinicalmanagement 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.

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.

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.

“With this novel approach, we have an opportunity to shift the paradigm for clinical management of a multitude of diseases.”

Lauren Bakaletz - Scientific Co-founder, Clarametyx Biosciences

REV1 VENTURES | 2020 IMPACT REPORT8

SCALEUPS TO WATCH

32

Companies Raised $1MM+ in Funding

25

Companies Achieved $1MM+ in Revenue

64

Co-investorsAware provides security, compliance and governance for enterprise collaboration. With the massive influx of remote work due to the coronavirus pandemic, digital

pH Matter is an advanced materials company that creates carbon nanoparticles to overcome energy challenges in batteries and fuel cells. pH

communications platforms are suddenly

Matter received an award from NASA totop-of-mind for organizations worldwide.

produce and store energy on the moon.SCALING UP

“Our growth over the past eleven years is in large part due to the support we’ve received in our own backyard.”

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 acquired by EverCommerce, a leading service commerce platform.

But perhaps the most exciting news coming out of Updox is the company’s consistent and industry-leading success in connecting patients’ entire care teams and giving the foundation needed to provide truly effective value-based care.

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 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.

The company’s thoughtful approach to market segmentation and validation, the deliberate 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 continue to build out the communications and human connectivity of the Updox platform in Dublin, OH, and to segment the healthcare marketplace to address the needs of patient populations further.

Michael Morgan - President, Updox

REV1 VENTURES | 2020 IMPACT REPORT9

MANAGING REV1 LABS INNOVATION CENTER IN A PANDEMIC

Rev1 Labs residents are entrepreneurs, startup companies, and corporate innovators. In 2020, it was more important than ever to keep them connected to the entrepreneurial ecosystem while supporting their health and safety.

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 their young businesses.

We aligned residents’ expectations with the realities of the pandemic, managing from quarantine, to closure, to reopening. We created floor signage and contactless security and deliveries. We conducted virtual events with quality content, success stories, and struggle stories, too.

Frequent communications with residents and adherence to health and safety procedures 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 state regulations and recommendations. We continually communicated as rules changed. As the pandemic evolved, we listened and adapted as entrepreneurs and startups told us what they needed—from initial relief on rent to virtual access to Rev1 advisors.

We and our residents share an esprit that connects us in a unique way. We will continueto work together to conduct business and do our part to preserve an environment that isproductive and safe for all.

SPACE TO

46

14063%

35.4%$19.2MM

INNOVATE

Resident Companies

Resident Employees

Diversity among Resident Leadership

Diversity among Resident Employees

Raised by Resident Companies in 2020

REV1 VENTURES | 2020 IMPACT REPORT10

CORPORATE

655

Opportunities Assessed339

Connections Made17

Pilots | Contracts | Investments

INNOVATION

Our corporate innovation partners leverage the Rev1 startup studio approach to validateand launch new business opportunities, and engage with the startups that matter mostto their business. Rev1 injects an entrepreneurial energy into the enterprise DNA.

INNOVATION PROGRAMS

We help our partners build lasting innovation infrastructure that leads to newtechnologies, new business models, and investments in startups.

INNOVATING TO REDUCE FOOD WASTE

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. 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.

“We recognize that to revolutionize the way food waste is reduced and managed, we must 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 make a difference.”

“We recognize that to revolutionize the way food waste is reduced and managed, we must tap our community of innovators.”

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 waste and recycling industry.

We are happy to welcome SWACO as a new partner in our impressive and growing list of innovation partners.

REV1 VENTURES | 2020 IMPACT REPORT11

OPERATIONAL HIGHLIGHTS

Ohio Third Frontier 35%

Fund Management, ROI & Other 21%

Fund Management & Corporate 22%

Rev1 Labs Facility 14%

Ohio TechAngel Funds 1%

Rev1 Concept Investments

2%

Rev1 is a startup studio that combines capital and strategic services to help startups grow and corporates innovate. Revenue inflows are comprised of corporate innovation contracts, investment fund management,

2020 Inflows

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%

Startup Studio Services 64%

Rev1 Seed Funds 97%

investment profile was made up of concept, seed, and

angel investment funds. An independent firm annuallyaudits Rev1 Ventures and its investment funds.BOARD OF DIRECTORS

REV1 VALUES

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 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

ENTREPRENEUR FOCUSED

DUAL-IMPACT DRIVEN

COLLABORATION

INGRAINED INCLUSION

PERSISTENT CURIOSITY

INTEGRITY

Sue Zazon, President, Central Ohio Region, Huntington Bank

REV1 VENTURES | 2020 IMPACT REPORT12

MADE POSSIBLE BY OUR PARTNERS

AEP

Columbus State Community CollegeIGS

Porter Wright Morris & Arthur LLPAT&T

Continental OfficeInsperity

SafeliteBattelle

Crane GroupJPMorgan Chase & Co.

Solid Waste Authority of Central OhioCalfee, Halter & Griswold LLP

Dickinson Wright LLCKegler Brown Hill + Ritter

Sophisticated SystemsCardinal Health

EDGE Innovation HubNationwide Children’s Hospital

State Auto Insurance CompaniesCAS

Fifth Third BankNationwide Mutual Insurance

Stonehenge PartnersCity of Columbus

Franklin CountyOhio Farm Bureau Federation

The Columbus FoundationCity of Dublin

g2oOhio REALTORS

The J.M. Smucker CompanyCity of New Albany

G-Force InnovationOhio Third Frontier

The Ohio State UniversityCity of Upper Arlington

Grove CityOhio Wesleyan University

Thompson Hine LLPColliers International

Huntington BankOhioHealth

Wolfe Enterprises Inc.Columbus Partnership

Ice Miller LLPOne Columbus

Worthington IndustriesThis 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

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.

614.487.3700rev1ventures.com