Ohio Fund Seeks to Close Seed Capital Gap to Support Enterprise Software and Advanced Technology Startups
COLUMBUS, Ohio, Feb. 26, 2025 /PRNewswire-PRWeb/ -- Today, 71/70 Angels, the Ohio angel fund that invests in enterprise software and advanced technology startups nationwide, announces the launch of its first fund to fuel seed-stage startups and close critical funding gaps for high-growth companies. The fund is supported by a committed group of individual angel investors and backed by the investment capabilities of Rev1 Ventures to deliver a streamlined process that helps entrepreneurs and their lead investors amplify their vision and secure the right funding to scale.
"Angel investors are a critical piece of a thriving innovation economy, and that's why it's important to provide more opportunities for them to invest time and money to support founders in the right ways," said Tom Walker, CEO at Rev1 Ventures. "This fund builds upon the success of the Ohio TechAngel Funds and the experience of Rev1 Ventures to help both companies and investors succeed. Columbus is an important hub of innovation, and because of the quality of corporate partners, startups, and investors here, we are confident we can continue growing a meaningful community that brings more people into angel investing while supporting companies all over the country."
Angel investors support up to 90% of outside equity raised by startups, but according to Crunchbase data, angel funding is down nearly three percent year-over-year. 71/70 Angels invests in seed and early-stage companies building solutions for large markets. The fund derives its name from its location at the intersection of I-71 that connects Columbus to Cleveland and Cincinnati, and I-70, which connects the United States from east to west.
"Filling out rounds is difficult in the current venture capital environment, and we see this formalized fund as a way to energize the angel investor community in Central Ohio and, ultimately, drive innovation and economic growth everywhere," said Melinda Gloriosa, Managing Director for 71/70 Angels and Rev1 Ventures. "71/70 brings first-time and long-time angel investors into an efficient and effective fund that leverages Ohio's strong corporate partner network, investor network, and Rev1's venture studio resources to help the startups it invests in increase their probability of success."
"MentorcliQ would not have been successful without our active angel investors," said Phil George, 71/70 angel investor and founder and CEO of MentorcliQ. "I was drawn to 71/70 Angels as an investor because I know firsthand how difficult it is to raise capital in the early stages, especially in the Midwest. I also know the value of having advisors through Rev1 who can provide not just capital but support and connections. MentorcliQ worked with Rev1 throughout our journey, so I personally know the team and their approach and how that expertise helped set us on the path to success. I see this fund as an opportunity to give back and support other entrepreneurs as they grow and scale."
For more about 71/70 Angels, visit http://www.7170angels.com.
About 71/70 Angels
71/70 Angels is an Ohio angel fund that invests in seed-stage software companies nationwide. Based in an important tech hub, 71/70 is expanding the angel community to help more entrepreneurs close critical funding rounds. Powered by Rev1 Ventures' decades of investment expertise, 71/70 ignites a dedicated and growing group of investors committed to supporting startup success. 71/70 combines a transparent funding process and formalized due diligence to improve outcomes for both startups and investors.
Media Contact
Aimée Eichelberger, 983 Group, 312-952-1528, [email protected]
SOURCE 71/70 Angels
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