Revolution raises $150m seed fund

The J.D. Vance-led fund will target regions traditionally overlooked by private investors.

Revolution Ventures held a final close on its $150 million Rise of the Rest seed fund.

Led by Revolution’s managing partner and Hillbilly Elegy author J.D. Vance, the fund will target startups located in cities and regions traditionally overlooked by private capital. Partnering with regional investors, Revolution will make initial investments of up to $1 million.

More than three dozen high-profile individual investors, including Amazon’s Jeff Bezos and Google’s Eric Schmidt, have backed the Rise of the Rest fund.

The Washington DC-based firm’s most recent predecessor vehicle, Revolution Growth III, raised $525 million in 2016.