Scoop: New Rev1-backed angel fund launches in Columbus
Columbus software startups have a new local angel investment fund to woo.
Why it matters: 71/70 Angels publicly launches Wednesday as a new funding source for startups in Central Ohio and beyond as Columbus works toward becoming a regional tech hub.
How it works: Rev 1 Ventures will manage the fund, which will invest in "high potential" early and seed-stage software and advanced technology companies.
Between the lines: One of 71/70's investors is Phil George, founder and CEO of Columbus-based mentoring software company 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."
Yes, but: Dollar figures and a full list of investors are not public.
What they're saying: Melinda Gloriosa, managing director of both 71/70 and Rev1, says in a release that funding rounds are "difficult in the current venture capital environment," and hopes the fund can "help the startups it invests in increase their probability of success."
Fun fact: The fund gets its name from the interchange of I-70 and I-71.
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