At a Glance
Revolution's Rise of the Rest Seed Fund represents one of the most geographically focused venture capital strategies in the industry, targeting early-stage companies in US markets outside the traditional Silicon Valley-Boston-New York corridor. Founded by AOL co-founder Steve Case in 2014, the initiative emerged from Case's belief that venture capital was too concentrated in coastal hubs, leaving promising entrepreneurs in cities like Nashville, Detroit, and Denver underserved and undervalued. The Rise of the Rest Seed Fund operates as part of Revolution's broader ecosystem, which includes growth-stage investing and the high-profile Rise of the Rest bus tours that visit secondary markets across America. With $150 million in assets under management, the fund focuses exclusively on seed-stage investments, typically writing checks ranging from $250,000 to $1 million. The fund's portfolio demonstrates its commitment to geographic diversification, with investments spanning markets from Austin and Atlanta to Pittsburgh and Phoenix. Notable portfolio companies include OrderUp (acquired by Groupon), UrbanStems, and various SaaS and consumer-focused startups that have leveraged lower operational costs and emerging talent pools in their respective markets. The fund's investment approach capitalizes on the arbitrage opportunity between coastal and inland markets - backing companies that might struggle to get attention from Sand Hill Road but can achieve significant traction with lower customer acquisition costs and operational expenses. Revolution Rise of the Rest has participated in the broader trend of venture capital geographic expansion, though few firms have made it as central to their identity and investment thesis. The fund's annual Rise of the Rest tour, which visits different cities and culminates in pitch competitions, has become a signature element of their brand and deal sourcing strategy. Case's prominence as both an entrepreneur and investor has given the fund significant platform advantages, helping portfolio companies access networks and opportunities that might otherwise be concentrated on the coasts. The timing of the fund's launch proved prescient, as remote work trends and rising costs in traditional tech hubs have validated many of its core assumptions about the potential for startup ecosystems in secondary markets.
“Investing in seed-stage startups located outside traditional coastal tech hubs, with a focus on entrepreneurial talent in underserved American markets.”
Steve Case leads Revolution Rise of the Rest as Chairman and CEO, bringing his experience as AOL co-founder and his extensive network from decades in tech and policy circles. Case's background includes serving on President Obama's Council on Jobs and Competitiveness and authoring 'The Third Wave,' which outlines his thesis about technology's evolution beyond pure internet plays. The investment team includes Managing Director Clara Brenner, who joined from Foundry Group and brings operational experience from companies like Techstars. The fund leverages Revolution's broader platform, which includes experienced investors and operators who have built companies across multiple geographic markets. The team's strength lies in combining Silicon Valley investment experience with deep conviction about opportunities in emerging startup ecosystems nationwide.
Revolution Rise of the Rest launched its seed fund in 2014 with initial capital focused on proving the geographic arbitrage thesis. The fund has maintained consistent focus on seed-stage investing while the broader Revolution platform has expanded to include growth-stage funds. The strategy has remained largely unchanged since inception, continuing to target companies in secondary markets through both the annual bus tours and ongoing deal sourcing efforts. Performance data remains largely private, though the fund has achieved several notable exits and follow-on funding rounds that have validated their approach to investing outside traditional venture hubs.
Revolution Rise of the Rest primarily invests at the Seed stage. This means they focus on companies that are building their initial product and finding product-market fit.
Revolution Rise of the Rest is headquartered in Washington, DC. Many of their portfolio companies are also based in this region, though they invest across geographies.
Revolution Rise of the Rest focuses on investments in SaaS, Consumer, Enterprise. Their portfolio reflects deep expertise and networks within these sectors.
Revolution Rise of the Rest manages approximately $150M in assets under management (AUM) across their funds.
