71/70 Angels launches first fund to expand Ohio’s angel investor network
Ohio’s startup ecosystem is getting a major boost with the launch of 71/70 Angels' first fund, aimed at closing the seed capital gap for enterprise software and advanced technology startups. Supported by Rev1 Ventures, the fund seeks to streamline investments and strengthen Ohio’s angel investor community, ensuring high-growth startups get the backing they need to scale.
The Big Picture
Early-stage startups rely heavily on angel investors, who contribute up to 90% of outside equity raised by startups. However, angel funding has seen a 3% decline year over year, according to Crunchbase data shared as part of the launch. 71/70 Angels is stepping in to fill this funding gap, making it easier for founders to secure seed investments while growing Ohio’s investor network.
The fund is named after Interstates 71 and 70, which connect Ohio’s major cities, Columbus, Cleveland, and Cincinnati, to national markets, symbolizing the crossroads of innovation and investment opportunities.
What They’re Saying
Tom Walker, CEO of Rev1 Ventures:
“Angel investors are a critical piece of a thriving innovation economy, and that’s why it’s important to provide more opportunities for them to invest time and money to support founders in the right ways.”
Melinda Gloriosa, Managing Director of 71/70 Angels and Rev1 Ventures:
“71/70 brings first-time and long-time angel investors into an efficient and effective fund that leverages Ohio’s strong corporate partner network, investor network, and Rev1’s venture studio resources to help the startups it invests in increase their probability of success.”
Phil George, Founder & CEO of MentorcliQ and 71/70 Angel Investor:
“MentorcliQ would not have been successful without our active angel investors. 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.”
What’s Next
71/70 Angels will focus on seed-stage software companies nationwide, prioritizing those solving major market challenges. The fund aims to:
Expand Ohio’s angel investor network to support high-growth startups.
Provide early-stage capital to bridge the funding gap for founders.
Leverage Rev1 Ventures' investment expertise to maximize startup success.
With Columbus emerging as a leading tech hub, this fund is poised to fuel innovation, drive job creation, and solidify Ohio’s position in the national startup ecosystem.