STARTUP IMPACT - Rev1 Ventures

STARTUP IMPACT

R E V 1 V E N T U R E S | 2 0 2 0 I M P A C T R E P O R T

F R O M T H E C H A I R M A N & T H E C E O

2R E V 1 V E N T U R E S | 2 0 2 0 I M PA C T R E P O R T

T h e y e a r 2 0 2 0 w a s a l l a b o u t f o c u s a n d 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 s t a f f e x h i b i t e d b o t h w i t h g r a c e .

The year 2020 was all about focus and resiliency. Our clients, partners, and staff exhibited both with grace. As the pandemic took hold, it became clear, very quickly, that we all needed 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 entrepreneurs and startups on 24-month survival plans.

We quickly pivoted to deliver our startup studio services virtually—from our Customer Learning Labs to specialized mentoring and training for new high-growth ventures. Throughout 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 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.

Andy RosePresident & CEOWorthington Industries

Chairman of the Board, Rev1 Ventures

Tom D. WalkerPresident & CEORev1 Ventures

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 Updox, ScriptDrop, and Healthy Roster were especially well-positioned to respond to the crisis in unique ways.

Our commitment to diversity and inclusion continued with 52 percent of the companies we 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 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 $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.

“ F o c u s a n d r e s i l i e n c y w e r e t h e t h e m e s o f 2 0 2 0 a s w e a l l f a c e d

u n p r e c e d e n t e d c h a l l e n g e s . ”“ E N T R E P R E N E U R S

A N D S T A R T U P S A R E B U I L T T O

A D A P T . ”

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.


2020 STARTUP IMPACT

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

data collection process is audited annually.

*Rev1 defines diversity as a company with a minority

or woman as the inventor, founder, or leader.

$194MM Capital Attracted

to Startups

$2.9B All Time Total Startup Impact (2013-2020)Revenue | Capital | Exits

$7.3MM$7.3MMInvested in Startup Clients

25Unique Companies Funded

$140MMValue of Startup

Client Exits

$114MMRevenue Generated by Startup Clients

$447MM 2020 Total Startup Impact

Revenue | Capital | Exits

52%*Diversity of Portfolio

Leadership

81Companies Accessing

Investment (excludes grants)

1250Jobs Created & Retained

M A K I N G H E A D L I N E SHow to Launch a Business

During Economic Uncertainty5 Out-of-the-Box Strategies for

Growing During a Downturn

Telehealth Company Updox Acquired by Denver

Unicorn EverCommerce

Aware Raises $12MM in Series B Funding

Housing Market Skirts Coronavirus Crisis as Sellers

Use Matterport 3D Virtual Tours

PRA Health Enters Into Strategic Deal With Deep Lens


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.

IN VEST IN G IN WHAT ’S N EXT

The circle size does not indicate company size or investment size.

3Bar Biologics helps improve the quantity and quality

of crop production.

Basking Biosciences is developing a novel therapeutic

to treat ischemic stroke.

Clarametyx is fighting life-threatening bacterial

infections beyond antibiotics.

Matterport creates immersive 3D digital tours

for building spaces.

Mobikit is building data infrastructure

for connected vehicles.

Ubihere provides real-time asset location information GPS-free.

EKG Leads Organizer

Koru Biopharma

PerioFil

Self-Retaining Vein Retractor


I N C L U S I V E I N N O V A T I O N P A R T N E R S

BeeHex is a robotics company modernizing food preparation and personalization with a versatile 3D food-printing platform technology.

Skelo Wear® is an innovative protective equipment company that is geared

towards keeping athletes in the game.

Dolr is a student loan repayment platform accelerating its members to $0 student

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

Stash Duell helps subscribers build healthy and sustainable financial behavior by rewarding them for

saving money through gamification.

ADVANCE REACH For CommercializationTM

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 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. 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.

FOSTERING INC LUSIVE INN OVATION Anjan Contractor

Co-founder & CEOKenny AnunikeFounder & CEO

Naveed IqbalFounder & CEO

Akin LawalCo-founder & CEO

59%Client Diversity

52%of Companies Funded

Have Diverse Leadership

61%Rev1 Innovation Internship

Program Diversity

44%Rev1 Staff Diversity

T E C H S O L U T I O N S T O A C C E L E R A T E S O C I A L C H A N G E

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.

“ S u r e I m p a c t f a c i l i t a t e s c o n t i n u o u s i m p r o v e m e n t a n d i n c r e a s e s

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 . ”

STARTING UP

Sh

eri

Ch

an

ey

Jo

ne

s -

Co

-fo

un

de

r, S

ure

Imp

ac

t


S T A R T U P S T U D I O V A L U E

42New Clients Entered

Startup Studio Program

175Entrepreneurs Educated

in Rev1 Learning Labs

$549KDiscounted Services Delivered by Vetted

Service Providers

8Senior Leaders Placed

273Companies Assisted


Samuel Baddoo is like many immigrants who leave their home countries for life-changing opportunities and continue to provide care and support for family members and loved ones back home.

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 immigrants in the U. S. to compare and purchase health insurance for family members and loved ones in Africa. Even though reputable health insurance coverage is available in many parts of Africa, many people can’t afford to buy it.

C O L U M B U S ’ S B A C K Y A R D E F F E C T C O N T I N U E S

STARTING UP

Fleri partners with insurance companies in emerging markets to provide a range of insurance plans for individuals, families, and seniors. Immigrants in the U.S. pay sustainable premiums for health insurance for their relatives in Africa. Those relatives receive ID cards that gain access to healthcare providers for the care they need.

As a lead generation and customer acquisition partner, Fleri helps insurers add thousands of new policyholders while increasing the number of people in Africa who have access to quality healthcare. Baddoo is amazed by all the doors that have opened for Fleri in Columbus. “There is an authenticity with relationships in Ohio that pays off in ways you wouldn’t believe,” he says.

“ T h e r e i s a n a u t h e n t i c i t y w i t h r e l a t i o n s h i p s i n O h i o t h a t p a y s o f f

i n w a y s y o u w o u l d n ’ t b e l i e v e . ”

Sa

mu

el

Ba

dd

oo

- F

ou

nd

er

& C

EO

, F

leri

S T A R T U P S T O W A T C H

FARE.GAME is a technology company specializing in solutions that allow public transit to truly

become a public good by eliminating the cost of the ride at the fare box.

Enlighten Mobility combines research and innovation to design

specialized rehabilitation technology for underserved individuals.

ScriptDrop, a pharmacy-integrated prescription service, launched

nationwide delivery for consumers and experienced a 500 percent increase in

customers across the country.

Concur is an organic skincare company that focuses on microbiome-protection to reduce common skin issues. Concur added

a COVID-19 at-home test to its product suite.

Portal Green provides employment risk mitigation for the service and

hospitality industries. In 2020, Portal Green launched an online screening

tool to quickly and consistently assess and track employee readiness to report

to work based on CDC Guidelines.

Invirsa is developing a new treatment approach for viral diseases that boosts the immune system and

improves healing. Invirsa’s approach to viral infections, including COVID-19,

treats complicated conditions and prevents diseases from spreading.


SP INNING OUTC U T T I N G - E D G E A P P R O A C H T O S O L V I N G

A N T I B I O T I C - R E S I S T A N T I N F E C T I O N S

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.

“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.

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.

“ W i t h t h i s n o v e l a p p r o a c h , w e h a v e a n o p p o r t u n i t y t o s h i f t t h e

p a r a d i g m f o r c l i n i c a l m a n a g e m e n t o f a m u l t i t u d e o f d i s e a s e s . ”

S P I N O U T S T O W A T C H G R O W T H I N S P I N O U T S

PerioFil, a spinout of OhioHealth, is in clinical trials with a biodegradable

injectable FDA-approved material that reduces periodontal pocket depth.

Koru Biopharma, a spinout of The Ohio State University Wexner Medical Center, is

determined to revolutionize the treatment of pancreatic cancer through precision therapy.

Vitranu, Inc., a spinout of The Ohio State University, is developing an implant

system for sustained-release treatment for age-related macular degeneration (AMD).

Koru BiopharmaPerioFil185

Opportunities Reviewed

15Spinouts Funded

15New Companies

Formed

I N N O V A T I O N P A R T N E R S

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


S C A L E U P S T O W A T C H

Aware provides security, compliance and governance for enterprise collaboration. With the massive influx of remote work due to the coronavirus pandemic, digital communications platforms are suddenly top-of-mind for organizations worldwide.

pH Matter is an advanced materials company that creates carbon

nanoparticles to overcome energy challenges in batteries and fuel cells. pH Matter received an award from NASA to produce and store energy on the moon.

32Companies Raised $1MM+ in Funding

25Companies Achieved

$1MM+ in Revenue

64Co-investors

SCALING UP

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.

“ O u r g r ow t h ove r t h e p a s t e l eve n ye a r s i s i n l a r g e p a r t d u e t o t h e s u p p o r t

we ’ ve r e c e i ve d i n o u r ow n b a c k ya r d .”

Mic

ha

el

Mo

rga

n -

Pre

sid

en

t, U

pd

ox

1 0R E V 1 V E N T U R E S | 2 0 2 0 I M PA C T R E P O R T

46Resident

Companies

140Resident

Employees

35.4%Diversity among

Resident Employees

63%Diversity among

Resident Leadership

$19.2MMRaised by Resident Companies in 2020

SPACE TOINNOVATE

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.

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.

M A N A G I N G R E V 1 L A B S I N N O V A T I O N C E N T E R I N A P A N D E M I CWe 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.

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


“ We r e c o g n i z e t h a t t o r e v o l u t i o n i z e t h e w a y f o o d w a s t e i s r e d u c e d a n d m a n a g e d , w e m u s t t a p o u r c o m m u n i t y o f i n n o v a t o r s . ”

CO RPORATE INN OVATION

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.”

Our corporate innovation partners leverage the Rev1 startup studio approach to validate 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 O V A T I N G T O R E D U C E F O O D W A S T E

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.

655Opportunities Assessed

339Connections Made

17Pilots | Contracts |

Investments

I N N O V A T I O N P R O G R A M S


B O A R D O F D I R E C T O R S R E V 1 V A L U E S

OPERATIONAL H IGHL IGHTSRev1 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,

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

investment profile was made up of concept, seed, and

angel investment funds. An independent firm annually

audits Rev1 Ventures and its investment funds.

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

Sue Zazon, President, Central Ohio Region, Huntington Bank

Fund Management, ROI & Other

21%Rev1 Labs

Facility14%

Rev1 Concept Investments

2%

2020 Inflows

2020 Outflows

2020 Investments

Ohio Third Frontier

35%

Fund Management & Corporate

22%

Ohio TechAngel Funds

1%

Startup Studio Services

64%

Rev1 Seed Funds

97%Innovation

Service & Contracts44%

E N T R E P R E N E U R F O C U S E D

D U A L - I M PA C T D R I V E N

C O L L A B O R AT I O N I N T E G R I T Y

P E R S I S T E N T C U R I O S I T Y

I N G R A I N E D I N C L U S I O N

M A D E P O S S I B L E B Y O U R P A R T N E R S

This list represents a partial and growing roster of partners who have supported Rev1 Ventures’ work to help entrepreneurs build great companies.

AEPAT&T

BattelleCalfee, Halter & Griswold LLP

Cardinal Health CAS

City of Columbus City of Dublin

City of New AlbanyCity of Upper Arlington

Colliers International Columbus Partnership

Columbus State Community College Continental Office

Crane GroupDickinson Wright LLCEDGE Innovation Hub

Fifth Third BankFranklin County

g2o G-Force Innovation

Grove City Huntington Bank

Ice Miller LLP

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.

1590 N High St.

Columbus, OH 43201

1275 Kinnear Rd.

Columbus, OH 43212

614.487.3700

rev1ventures.com

IGSInsperity

JPMorgan Chase & Co. Kegler Brown Hill + Ritter

Nationwide Children’s Hospital Nationwide Mutual Insurance Ohio Farm Bureau Federation

Ohio REALTORSOhio Third Frontier

Ohio Wesleyan UniversityOhioHealth

One Columbus

Porter Wright Morris & Arthur LLP Safelite

Solid Waste Authority of Central OhioSophisticated Systems

State Auto Insurance Companies Stonehenge Partners

The Columbus Foundation The J.M. Smucker Company The Ohio State University

Thompson Hine LLPWolfe Enterprises Inc.

Worthington Industries

STARTUP IMPACT - Rev1 Ventures

Documents

Transcript of STARTUP IMPACT - Rev1 Ventures