Today, Rev1Ventures, the seed-stage venture fund that combines investment capital and strategic services, and Nationwide Children’s Hospital, one of America’s largest not-for-profit freestanding pediatric healthcare systems, launched the Life Sciences Fund to support the growth and development of research-based healthcare spinouts from The Research Institute at Nationwide Children’s. The fund is a boon for the region, as the joint resources from the two Columbus leaders, –as well as support from Ohio Third Frontier, will provide healthcare startups with access to research facilities, business expertise and the funds to put it all together.
“Columbus has become the number one city for scaling startups because of the robust infrastructure and the region’s dedication to fostering business growth,” said Tom Walker, CEO of Rev1 Ventures. “We are excited to support every type of entrepreneur and by partnering with Nationwide Children’s, we have a unique opportunity to facilitate powerful and life-changing advancements in healthcare.”
This is not the first time these two companies have joined forces - Rev1 and Nationwide Children’s first teamed up in 2014 with an investment by Rev1 in Nationwide Children’s spinout Milo Biotechnology, a company that delivers a new gene-based therapy to treat the muscle atrophy commonly associated with muscular dystrophies. Milo Biotechnology has experienced explosive growth and announced today that it has secured additional funding to support its multi-center pivotal clinical trials, which could begin in 2017.
The $5.5 million fund – Rev1 NCH Fund I – is supported by the Ohio Third Frontier Pre-Seed/Seed Plus Fund Capitalization Program, which provided a $2.75 million loan to the fund. Rev1 also is an investor in the fund.
“We are proud of and energized by the scientists and ground-breaking research coming from The Research Institute here at Nationwide Children’s,” said Tim Robinson, executive vice president and chief financial and administrative officer at Nationwide Children’s Hospital. “Partnering with Rev1 Ventures on The Life Sciences Fund enables us to support innovative and promising research that will literally impact children’s lives all around the world.”
“Both Rev1 Ventures and Nationwide Children’s Hospital have been instrumental in our early and sustained success, so it only makes sense that the two would collaborate again to help more healthcare entrepreneurs,” said Al Hawkins, founder and CEO of Milo Biotechnology. “It’s a great time to build a life science company in Central Ohio.”
About Rev1 Ventures
Rev1 is a seed-stage venture fund that combines investment capital and strategic services to help entrepreneurs build products people want and companies that succeed. Our seasoned, data-driven team delivers early market validation for startups, helping them lay the foundation for scalable growth with the skills to evolve their product, sell to customers, and build the right team. Rev1 manages a continuum of investment support from corporate, community, and innovation partners, as well as the Ohio Third Frontier. For more information, visit http://www.rev1ventures.com.
About Nationwide Children’s Hospital
Named to the Top 10 Honor Roll on U.S. News & World Report’s 2016-17 list of “America’s Best Children’s Hospitals,” Nationwide Children’s Hospital is one of America’s largest not-for-profit freestanding pediatric healthcare systems providing wellness, preventive, diagnostic, treatment and rehabilitative care for infants, children and adolescents, as well as adult patients with congenital disease. Nationwide Children’s has a staff of more than 11,000 providing state-of-the-art pediatric care during more than 1.2 million patient visits annually. As home to the Department of Pediatrics of The Ohio State University College of Medicine, Nationwide Children’s physicians train the next generation of pediatricians and pediatric specialists. The Research Institute at Nationwide Children’s Hospital is one of the Top 10 National Institutes of Health-funded freestanding pediatric research facilities. Nationwide Children’s remains true to the original mission since its founding in 1892 of providing care regardless of a family’s ability to pay. More information is available at NationwideChildrens.org.
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