$150 million seed fund to invest in heartland

Tuesday’s announcement by Revolution of the creation of a $150 million Rise of the Rest Seed Fund for companies located outside of Silicon Valley builds on Steve Case’s tour to connect with entrepreneurs throughout the middle of the country. The Rise of the Rest Seed Fund enjoys the backing of more than three dozen other big investors from Jeff Bezos and Eric Schmidt to the Waltons and Kochs, and is intended to provide support and connections to entrepreneurs in small towns and underserved cities. However, Case said in a New York Times article it is not intended as a social impact fund. In order to get investors to change the way they think about the rest of the country, Case said the main goal is “to generate top returns.”

The Revolution website states that “some of the most compelling investment opportunities in the next decade will likely emerge from startups in cities all across the United States.” Other efforts to spur entrepreneurship in rural parts of the country are underway through a variety of programs, as we have recently reported.