Today, Rev1Ventures, the seed-stage venture fund that combines investment capital and strategic services, andNationwide 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 also 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.”