Revolution Research
Investment Thesis
Revolution is a Washington, D.C.-based investment firm founded in 2005 by AOL co-founder Steve Case. The firm's core thesis is that "innovation isn't confined to pre-selected pins on a map" — great entrepreneurs and category-defining companies are being built well outside the traditional coastal tech hubs of Silicon Valley, New York, and Boston. Revolution has built its identity, and its "Rise of the Rest" platform, around actively sourcing and backing founders in overlooked geographies, while also running growth-stage and early-stage vehicles that invest more broadly. Steve Case has been a vocal advocate for this thesis in media appearances (Bloomberg, CNBC, Fortune) and in his book "The Rise of the Rest." As of 2026, Case has also been publicly discussing how AI is driving a shift toward "durable assets," suggesting the firm's thesis is expanding to weigh AI-driven business model disruption more heavily across its portfolio and real estate/hospitality investments.
Stage Focus
Revolution invests across the full startup lifecycle through three primary vehicles:
- Rise of the Rest Seed Fund — pre-seed/seed stage, typically first institutional capital
- Revolution Ventures — early-stage (seed through Series B), investments generally under $10M
- Revolution Growth — growth-stage, $10M+ checks into more mature consumer/tech businesses
The firm also operates Revolution Places and Rise of the Rest Real Estate, which invest in real estate and hospitality rather than traditional startup equity.
Check Size
- Rise of the Rest Seed Fund: roughly $250K–$1M per company (seed stage)
- Revolution Ventures: sub-$10M checks, early-stage
- Revolution Growth: $10M and above, growth-stage
Exact current check sizes were not independently disclosed on the website; the above is derived from the Rise of the Rest Seed Fund's public $150M AUM figure and Revolution Growth's stated $10M+ minimum.
Lead Tendency
Revolution Growth has a track record of leading or co-leading large growth rounds (e.g., Bigcommerce, DraftKings). Revolution Ventures and Rise of the Rest more often participate alongside other investors as part of syndicates, particularly at seed. Overall lead tendency is best classified as "both."
Recent Activity
Confirmed 2025–2026 activity found in public sources:
- February 2025: Portfolio company Hidden Level (drone/airspace detection) raised a $100M round expanding its national security business, with Revolution as a backer.
- 2026: Steve Case has been active in press discussing AI's effect on business durability (Bloomberg, Aug 2026) and macro commentary (CNBC, June 2026), plus firm content on "Invest Local: The State of Intra-State Investing" (Feb 2026) and a Denver founder fly-in recap (May 2026).
- The firm's most recent full annual report ("Rising from the Reset: 2024 Annual Report") was published December 2024.
No new fund closings for Revolution Ventures, Revolution Growth, or Rise of the Rest were identified as of September 2026; the most recent Rise of the Rest Seed Fund close found in public records was the second $150M fund (2019).
Portfolio Highlights
Revolution has backed 200+ companies in 100+ cities across 40+ states. Notable current and exited portfolio companies include:
- Anduril — defense technology/manufacturing, one of the highest-profile names in the portfolio
- CAVA — Mediterranean fast-casual restaurant chain; IPO'd on NYSE in 2023
- Sweetgreen — fast-casual salad chain, public company
- DraftKings — sports betting/gaming, public company
- StockX — sneaker/collectibles marketplace
- Tempus — precision medicine/healthcare data
- CLEAR — identity verification/biometrics
- Bigcommerce — e-commerce platform, Revolution Growth led investment with Steve Case joining the board
- Homesnap — real estate/mobile MLS platform; acquired by CoStar Group in 2020
- SRS Acquiom — M&A transaction and escrow services
- Hidden Level — national security/drone detection, $100M round Feb 2025
- Kashable — financial wellness/employee lending, closed $25.6M Series B
- 120Water, 75F, 86 Repairs, Aatmunn, Abartys Healthcare, Acres — earlier-stage portfolio companies spanning water compliance, building intelligence, restaurant operations, workforce/education tech, and healthcare data
Aggregate figure: Revolution states it has invested nearly $2 billion across its portfolio to date.
Team
Revolution's team spans its multiple funds, with dedicated partners per vehicle:
- Steve Case — Chairman & CEO (Revolution overall)
- Ted Leonsis — Founder & Partner, Revolution Growth
- Todd Klein — Managing Partner, Revolution Growth
- David Golden — Managing Partner, Revolution Ventures
- Clara Sieg — Operating Partner, Revolution Ventures
- David Hall — Managing Partner, Rise of the Rest
- Mahati Sridhar — Partner, Rise of the Rest
- Andy Cloyd — Venture Partner, Rise of the Rest
- Starling Cousley — Managing Partner, Rise of the Rest Real Estate
- Tom Danilek — Partner, Rise of the Rest Real Estate
- Clint Myers — Partner, Rise of the Rest Real Estate
- John Sabin — CFO & President, Revolution Places
- Kate Wilschutz — Chief Financial Officer, Revolution Funds
- Hark Ahluwalia — Associate, Revolution Ventures
- Isabelle Styslinger — Senior Associate, Rise of the Rest
- Andrew Wallace — Vice President, Revolution Growth
- Amira Ouji — VP of Platform & Portfolio Success, Rise of the Rest
- Tige Savage — Co-founder
Decision Process
Not explicitly disclosed. Given the firm's structure as three semi-independent funds (Ventures, Growth, Rise of the Rest) each with a Managing Partner, decisions are likely made at the partnership level within each fund rather than by a single central investment committee across all of Revolution. Classified conservatively as "partnership."
Founder Preferences
Revolution's public messaging consistently emphasizes backing founders building outside Silicon Valley/NYC/Boston, in "the rest" of America, across consumer, healthcare, fintech, defense/security, and real estate-adjacent categories. The firm favors founders solving large, tangible problems with a path to durable, profitable businesses rather than pure growth-at-all-costs models — a theme reinforced by Steve Case's 2026 commentary on AI-driven shifts toward "durable assets."
Geographic Focus
Explicitly non-coastal: the Rise of the Rest thesis is built around investing in startups outside Silicon Valley, New York, and Boston, with a stated goal of "99% capital invested outside of Silicon Valley." Revolution Growth and Revolution Ventures invest more broadly across the U.S. Headquarters is Washington, D.C.