Investor Profile: Revolution — Thesis, Cheque Size & How to Apply

If your startup is building anywhere other than Silicon Valley, New York or Boston, funding from Revolution — the Washington, DC investment firm founded in 2005 by AOL co-founder Steve Case — deserves a place on your target list. Revolution's defining bet is geographic: transformative companies can be built anywhere, and venture capital's concentration in three coastal hubs leaves enormous opportunity elsewhere. Its Rise of the Rest Seed Fund exists precisely to back founders in the rest of America — and it has become one of the most recognisable seed brands in US venture.

Investment thesis: Revolution funding beyond the coastal hubs

Revolution invests through a family of funds — Revolution Growth, Revolution Ventures and the Rise of the Rest Seed Fund — backing entrepreneurs at every stage, alongside real-estate and hospitality investing through Revolution Places. The Rise of the Rest platform combines the seed fund with bus tours, pitch competitions and proximity to policymakers to build visibility for innovation beyond traditional tech hubs. Revolution Ventures invests nationally in early-stage companies attacking multi-billion-dollar categories, while Revolution Growth makes a small number of growth-stage bets each year.

Fund size and cheque size

The numbers are public and striking. The first Rise of the Rest Seed Fund closed at $150 million in December 2017, backed by a remarkable roster — Jeff Bezos, Eric Schmidt, Ray Dalio, Sara Blakely, Meg Whitman, Sean Parker, Jim Breyer, John Doerr and members of the Koch, Walton and Pritzker families among more than three dozen backers. A second $150 million Rise of the Rest Seed Fund closed in October 2019. The seed fund makes initial investments of up to $1 million, typically 10–20% of a round, and deliberately does not lead rounds or take board seats — it partners with regional investors instead. Revolution Ventures III, a $215 million early-stage fund, closed in 2019. Revolution's total assets under management are not publicly disclosed.

Partners and team

The firm is led by Chairman and CEO Steve Case. J.D. Vance managed the first Rise of the Rest fund; the second is managed by David Hall, with Anna Mason and Mary Grove in expanded roles.

Notable portfolio and exits

The first Rise of the Rest fund backed more than 125 companies outside the big three hubs. 2019 exits included Custom Ink (Fairfax, Virginia; Great Hill Partners took over as lead investor), Engage Talent (acquired by Workforce Logiq), ArchiveSocial ($53 million from Level Equity) and Boundless Mind (acquired by Thrive Global) — a deliberately regional spread that illustrates the thesis.

How to apply for funding

There are two doors. The most distinctive is the Rise of the Rest pitch competition held at each stop of the firm's bus tours, with $100,000 invested in a winning local startup at every stop — founders apply through the tour pages on revolution.com. For the seed fund more broadly, founders outside the coastal hubs can reach the team via revolution.com, ideally with a regional co-investor engaged, since the fund partners with local investors rather than leading. The firm's site also tracks tour schedules, the best way to meet the team in person.