The Future Value Fund I will invest in pre-seed companies, including spinouts from Rev1's long-time partner Ohio State University.

Rev1 Ventures, a US-based startup studio, has launched a $10m pre-seed fund backed by Ohio State University (OSU).

The total includes a $5m loan from state-run initiative Ohio Third Frontier through its Pre-Seed/Seed Plus Fund Capitalization Program.

The Future Value Fund (FVF) I will invest in pre-seed companies in central Ohio, including spinouts from OSU where it will specifically focus on the areas of advanced materials, alternative energy, sensors and hardware, agtech and foodtech.

The fund aims to invest in up to 15 companies overall, seeking out opportunities in the digital health, healthcare IT, human resources technology, fintech, insurtech, data analytics and enterprise software-as-a-Service sectors.

Founded in 2014, Rev1 Ventures has more than $100m in capital under management. It backed 25 companies last year and its earlier funds include several vehicles featuring OSU among the limited partners.

The latest fund follows the move of Zachary Ellis, the former director of new ventures at OSU, to Rev1 Ventures as managing director in November 2020.

Cheryl Turnbull, senior director for the Keenan Center for Entrepreneurship at OSU, said: “Our collaborations with Rev1 have helped commercialise research-based breakthroughs from Ohio State, and we recognise that capital and support early on is critical.

“We have committed capital to FVF because we recognise such funds are necessary to support the technologies and entrepreneurs that are propelling the startup ecosystem in Ohio.”