Today, Rev1 Ventures, the startup studio that combines capital and strategic services, is announcing a partnership with Worthington Industries, Inc. (NYSE: WOR) to fuel innovation in smart manufacturing, Internet of Things (IoT), data & analytics and sustainability. As part of the collaboration, Worthington is planning to provide individual investments, up to $10 million, to propel emerging technologies that align with Worthington’s vision and enable the company to better serve current and future markets. With the help of Rev1, Worthington seeks to invest in entrepreneurs, providing them with both the financial and strategic resources to promote new approaches within the industrial, building products, tools, outdoor living and sustainable energy markets.
“Innovation is at the forefront of our mission, so we are eager to work with Rev1 Ventures to identify, invest and nurture disruptive technologies that enhance Worthington’s growth and deliver new solutions to the markets we serve,” said Andy Rose, president & CEO of Worthington Industries. “Pairing our market insights and capital with Rev1’s strategic resources and expertise in scaling startups, positions us to advance critical technologies and support more entrepreneurs.”
Worthington named Michael Luh to lead this effort as managing director of Worthington Industries Ventures. Since joining the company in 2013, Luh has been instrumental in building and growing Worthington’s innovation strategy and discipline, most recently as vice president of Strategy & Innovation. Prior to Worthington, he spent 20 years at Procter & Gamble (P&G) leading product innovation for some of its largest brands.
“Worthington is a global giant in manufacturing and shares our commitment to investing in technologies that serve a proven market need, so this is a cohesive collaboration that helps align startups with the tools and resources they need to revolutionize key industries,” said Tom Walker, CEO of Rev1 Ventures. “By connecting entrepreneurs with resources, markets, technologists, and manufacturing experts, we can validate, develop and deploy market advancements in a more streamlined way. We know this model works and is why Central Ohio has become a hub for startup growth and innovation.”
With this partnership, Worthington joins Rev1’s impressive network of more than 45 private sector and community partners that provide first financial support and startup collaboration to deliver market feedback while acting as first customers. Rev1 corporate partners include The Ohio State University, Nationwide, Nationwide Children’s, State Auto, JM Smucker Company, Grange Insurance, COTA, Cardinal Health, Franklin County, and the City of Columbus, among others.
For more information about this partnership, please visit http://www.rev1ventures.com/Worthington
About Rev1 Ventures
Rev1 Ventures is the startup studio that combines capital and strategic services to help startups scale and corporates innovate. Based in the Midwest, Rev1 connects entrepreneurs to talent, customers, space and funding, to help entrepreneurs build great companies. With a proven track record of success, Rev1 is the most active seed investor in Ohio for the past seven years. For more information, visit http://www.rev1ventures.com.
About Worthington Industries
Worthington Industries (NYSE:WOR) is a leading industrial manufacturing company pursuing its vision to be the transformative partner to its customers, a positive force for its communities and earn exceptional returns for its shareholders. For over six decades, the Company has been delivering innovative solutions to customers spanning industries such as automotive, energy, retail and construction. Worthington is North America’s premier value-added steel processor and producer of laser welded solutions and electrical steel laminations that provide lightweighting, safety critical and emission reducing components to the mobility market. Through on-board fueling systems and gas containment solutions, Worthington serves the growing global hydrogen ecosystem. The Company’s focus on innovation and manufacturing expertise extends to market-leading consumer products in tools, outdoor living and celebrations categories, sold under brand names, Coleman®, Bernzomatic®, Balloon Time®, Level5 Tools®, Mag Torch®, Well-X-Trol®, General®, Garden-Weasel®, Pactool International®, Hawkeye™; as well as market leading building products, including water systems, heating & cooling solutions, architectural and acoustical grid ceilings and metal framing and accessories.
Headquartered in Columbus, Ohio, Worthington operates 58 facilities in 15 states and nine countries, sells into over 90 countries and employs approximately 9,500 people. Founded in 1955, the Company follows a people-first philosophy with earning money for its shareholders as its first corporate goal. Relentlessly finding new ways to drive progress and transform, Worthington is committed to providing better solutions for customers and bettering the communities where it operates by reducing waste, supporting community-based non-profits and developing the next generations of makers.