Funding / Venture capital

Revolution closes its third venture fund with $215M

As with its other venture funds, the D.C. firm will look to invest nationally in early-stage companies in underserved geographies.

Steve Case, AOL cofounder and chairman of Revolution. (Photo courtesy of the Case Foundation)

D.C.-based Revolution, the venture capital firm founded by former AOL executive Steve Case, announced the close of its third Revolution Ventures fund, amounting to $215 million.

As its other rounds in this venture fund, the capital will be used to invest nationally in early-stage companies focused on multi billion-dollar categories. Revolution Ventures puts an emphasis on investing in startups in underserved geographies, so outside of tech hubs like Silicon Valley. Revolution also oversees two other major funds, the Rise of the Rest Seed Fund and Revolution Growth.

“Revolution is focused on backing entrepreneurs in places that are overlooked by most venture capitalists,” Case, who is Revolution’s chairman and CEO, said in a statement. “Revolution Ventures has a proven track record of identifying promising young companies that need capital and expertise, and then actively partnering with them to scale and succeed.”

This $215 million raise is the firm’s highest for the Revolution Ventures fund, as the previous two raises amounted to $200 million each. In the second Revolution Ventures fund (RV2), five of the 18 companies it made investments in have achieved full or partial exits. The company said in the news release that since it focuses on markets outside of the big tech corridors, it’s able to find entrepreneurs and promising starts in a less intensive and competitive environment.

“This investment philosophy has resulted in outsized returns—and this new fund is poised to benefit from the unique and growing deal flow from Revolution’s national brand and network,” Case said in a press release.

Locally, RV2 invested in D.C. area startups including Framebridge, a company that creates custom frames based on digital pictures that recently opened a D.C. retail store, and real estate tech startup Homesnap, curator of an app that allows users to find out more info about a property after snapping its photo.

Previously, Revolution has invested in notable companies like Wirewheel, the Arlington, Va.-based creator of a platform that helps companies and organizations protect data and meet compliance standards, and FiscalNote, a D.C.-based company that runs a legislative prediction platform.

Companies: Revolution

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