Rev Members Lead Regional Economic Impact in 2022
The numbers are in and 2022 was a banner year for the founders, employees, and investors of Rev’s 38 member startups. From closing rounds of seed funding and bringing new employees into impactful roles to making national headlines and improving thousands of customers’ lives, members of the Rev community are continuing to grow and scale their businesses as they positively benefit the region.
Rev: Ithaca Startup Works is proud to announce that throughout 2022, Rev member startups created 118 new high-quality, local jobs, raised $21.7 million in capital, and generated $11.9 million in revenue. These numbers top the list of Cornell University’s 2022 Local Economic Impact Snapshot, as Rev continues to be a local leader in economic development and entrepreneurial innovation.
“Over the past year Rev members continued to launch, grow, and build thriving businesses,” says Ken Rother, director of Rev: Ithaca Startup Works. “The team at Rev is looking forward to seeing the impact they continue to make throughout 2023, and we’re here and ready to support them with mentorship and resources along the way.”
Take a trip down memory lane and revisit some of our favorite moments over the past year:
- Instacart acquired Rev Alumni Stardom member Rosie and founder Nick Nickitas was named General Manager of Local Independent Grocers
- SimpliFed closed a $6 million seed round and provided support to new parents throughout the formula shortage
- Antithesis Foods launches a new gluten-free product brand using their legume technology
- Ursa Space raised $16 million in Series C funding in response to increased customer demand
- Dimensional Energy partnered with United Airlines, bringing sustainable aviation fuel to flights around the world
- Head & Heal received one of the first NYS licenses to grow adult-use cannabis
Through the Prototyping Hardware Accelerator and Manufacturing Hardware Accelerator, Rev also continued to support the earliest-stage startups in validating their business ideas and developing skills for success as they fine-tune their go-to-market strategies.
The AgTech Tracks of both the Manufacturing and Prototyping Hardware Accelerators were introduced, the work of the summer 2022 Prototyping Hardware Accelerator cohort was celebrated at Demo Day, and the third cohort of the Manufacturing Hardware Accelerator was welcomed in the fall. Since its inception, alumni teams from Rev’s hardware programs have raised $26.6 million in capital, with 43% of startups still in operation.
Rev also opened its doors to hundreds of guests for monthly Networking@Rev events, serving as a convener of the entrepreneurial ecosystem and a channel for Ithaca’s best and brightest innovators and forward-thinkers to connect and collaborate. Some of the best-attended events included the Networking@Rev: Empowering the Ecosystem in June, an event focused on highlighting women and nonbinary entrepreneurs, and October’s Most Customer-Driven Startup Awards.