Revolution
Washington, D.C. investment firm founded in 2005 by AOL co-founder Steve Case, built around a family of funds that backs companies outside coastal tech hubs. J.D. Vance joined as a partner in 2017, co-launched the $150 million Rise of the Rest Seed Fund with Case, and left for Narya in 2019.
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- Established
- 2005
- Location
- Washington, D.C., United States
- Country
- United States
- Founded
- 2005, by AOL co-founder Steve Case, as a holding company to invest in companies 'attacking' traditional industries
- Headquarters
- Washington, D.C., with an office in San Francisco
- Firm description
- A D.C.-based firm investing in entrepreneurs building transformative companies and destinations beyond Silicon Valley, organized as a family of funds
- Revolution Growth
- $450 million fund founded in 2011 to make investments of $25 million to $50 million in 10 to 12 companies, founded with former AOL executives Ted Leonsis and Donn Davis
- Revolution Ventures
- $200 million fund formed by Case with Tige Savage and David Golden, expected to make around 20 investments over three to four years
- Rise of the Rest Seed Fund
- $150 million fund launched in December 2018 by Steve Case and J.D. Vance, backed by Ray Dalio, Meg Whitman, Jeff Bezos, Eric Schmidt and Sarah Blakely
- J.D. Vance's role
- Joined Revolution LLC in 2017 as a partner focusing on startups; served as Managing Partner of the Rise of the Rest Seed Fund; left in 2019 to form Narya Capital
- Noted portfolio companies
- FedBid, Living Social, Zipcar, Optoro, HelloWallet (Growth); BenchPrep, Booker Software, Homesnap, RunKeeper (Ventures)
Overview
Revolution LLC is a Washington, D.C.-based investment firm founded in 2005 by AOL co-founder Steve Case as a holding company to invest in companies and entrepreneurs “attacking” traditional industries, with an approach of putting larger amounts of money into fewer companies and helping them grow (VentureBeat). The firm describes itself as “a D.C.-based firm investing in entrepreneurs building transformative companies and destinations beyond Silicon Valley,” organized as a family of funds (Revolution).
The firm’s philosophy is built around Case’s idea of “the rise of the rest” — finding entrepreneurs in “off-the-beaten path places,” on the premise that it is easier to start a company with fewer people and less capital than before and that founders can choose where they want to live and work (VentureBeat).
The Vance years
In 2017, J.D. Vance joined Revolution LLC in Washington as a partner focusing on startups, after serving as a principal at the Thiel-backed Mithril Capital Management (Business Standard). His tenure became central to one of the firm’s signature initiatives: in December 2018, Case and Vance launched the Rise of the Rest Seed Fund, a $150 million fund backed by Ray Dalio, Meg Whitman, Jeff Bezos, Eric Schmidt, Sarah Blakely and other entrepreneurs, executives and investors (Revolution).
Vance served as Managing Partner of the Seed Fund, which invests catalytic capital in early-stage, high-growth companies across the country alongside regional investors and co-investors (Revolution). In early 2019 he was the firm’s public face on the 8th Rise of the Rest bus tour — a five-day trip across Orlando, Tampa Bay, Miami, the Space Coast and Puerto Rico, the first Rise of the Rest trip to spend most of its time in a single state and the first to visit a U.S. territory (Revolution).
That tour combined ecosystem visits, fireside discussions and daily startup pitch competitions, with $100,000 to be invested from the Seed Fund at each stop (Revolution). Later in 2019, Vance left Revolution and returned to Ohio to form Narya Capital (Business Standard).
The fund family
Revolution operates through a family of funds, partnering with founders “at every stage of the startup lifecycle” (Revolution). Revolution Ventures raised a $200 million fund — described at the time as the largest first-time venture fund outside of Silicon Valley since the 2008 financial crisis — formed by Case with Tige Savage and David Golden, and expected to make around 20 investments over three to four years (VentureBeat). Four investments Revolution LLC had already made were moved into the Ventures portfolio: BenchPrep, Booker Software, Homesnap and RunKeeper (VentureBeat).
Revolution Growth, founded by Case in 2011 with former AOL executives Ted Leonsis and Donn Davis, is a $450 million fund whose strategy is to concentrate $25 million to $50 million in 10 to 12 companies to help them achieve mainstream adoption or leadership in their market (VentureBeat). Its portfolio has included FedBid, Living Social, Zipcar, Optoro and HelloWallet (VentureBeat). The firm is based in Washington, D.C., with an office in San Francisco (VentureBeat).
What this profile does not claim
It does not claim founders for Revolution beyond Steve Case, whose 2005 founding role is verified — other names appear only in sources not read in full. It does not give exact close dates for the Ventures and Growth funds, current assets under management, or Steve Case’s current title. It does not claim that Vance retained any stake in Revolution after leaving for Narya in 2019. Portfolio company lists reflect the holdings named by the cited sources at the time they were published, not current holdings.
Timeline
- 2005
- Steve Case founds Revolution LLC as a holding company to invest in companies and entrepreneurs that are "attacking" traditional industries, with an approach of investing larger amounts in fewer companies and helping them grow.
- 2011
- Case founds the $450 million Revolution Growth fund with former AOL executives Ted Leonsis and Donn Davis, focused on investing "speed ups" — concentrating $25 million to $50 million in 10 to 12 companies to help them achieve mainstream adoption or leadership in their market.
- 2017
- J.D. Vance joins Revolution LLC in Washington, D.C. as a partner focusing on startups, after serving as a principal at the Thiel-backed Mithril Capital Management.
- 2018-12
- Case and Vance launch the $150 million Rise of the Rest Seed Fund, backed by Ray Dalio, Meg Whitman, Jeff Bezos, Eric Schmidt, Sarah Blakely and other entrepreneurs, executives and investors, to invest catalytic capital in early-stage companies outside coastal tech hubs.
- 2019-02-01
- Revolution announces the 8th Rise of the Rest bus tour — five days across Orlando, Tampa Bay, Miami, the Space Coast and Puerto Rico — with Vance quoted as Managing Partner of the Rise of the Rest Seed Fund; the tour planned $100,000 pitch-competition investments at each stop.
- 2019
- Vance leaves Revolution and returns to Ohio to form Narya Capital.
What we could not verify
These claims came up in research and could not be confirmed. They are recorded here rather than published as fact or quietly dropped. If you hold a source that settles one, please tell us.
- Exact founding date beyond the year, and founders beyond Steve Case (Donn Davis and Tige Savage appear in snippet-only sources, not verified from a full-read source).
- Current assets under management, current fund status, and Steve Case's current title.
- Exact close dates for the Revolution Ventures and Revolution Growth funds.
- Whether Vance retained any stake in Revolution after leaving for Narya.
Sources
3 sources (2 tier 2, 1 first-party), each opened and read against the claim it supports. Statements the subject makes about itself are marked as such and are not treated as independent evidence. See the source policy.
- Supports: Vance joining the Steve Case-backed Revolution LLC in Washington in 2017 as a partner focusing on startups, after his time at Mithril Capital; his departure in 2019 to form Narya Capital. Open original source
- Supports: Revolution LLC's 2005 founding by Steve Case as a holding company; the $200 million Revolution Ventures fund and its managers Tige Savage and David Golden; the $450 million Revolution Growth fund founded in 2011 with Ted Leonsis and Donn Davis; the firm's DC base and SF office; named portfolio companies. Open original source
- Supports: The $150 million Rise of the Rest Seed Fund launched in December 2018 by Steve Case and J.D. Vance; its backers; Vance's title as Managing Partner of the Seed Fund; the firm's D.C. base and family-of-funds description; the Florida and Puerto Rico bus tour details. Open original source
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