Revolution Growth

Steve Case serves as Chairman and CEO, providing strategic direction and network access. Day-to-day investment operations are led by Managing Partner Donn Davis, who oversees deal sourcing, diligence, and portfolio management. Ted Leonsis, a co-founder and former AOL executive, also participates in investment decisions alongside the broader partnership.

The firm leans heavily on the Rise of the Rest thesis — deliberately cultivating relationships with founders, universities, and local governments in under-ventured US cities. Case and Davis host an annual 'Rise of the Rest' bus tour that visits startup ecosystems in cities like Nashville, Detroit, and Indianapolis. This geographic focus reduces competition from coastal funds and generates proprietary access to growth-stage companies that are often overlooked by traditional venture capital.

Revolution Growth targets growth-stage companies with established revenue models, typically generating between $25 million and $100 million in annual revenue at the time of investment. The firm writes equity checks between $25 million and $75 million. Its sister funds — Revolution Ventures and Rise of the Rest Seed Fund — cover earlier stages, but Revolution Growth itself focuses on scaling, not discovery.

Revolution Growth invests solely through direct equity deals and does not operate as a fund-of-funds or make LP commitments to external managers. The firm takes board seats regularly and works closely with management teams on operational scaling. Steve Case himself has held board positions at multiple portfolio companies during their growth stages.

Revolution Growth is the growth-equity arm of the broader Revolution platform, which also includes Revolution Ventures (early-stage venture) and Rise of the Rest Seed Fund (seed-stage, non-coastal focus). All three are managed under the Revolution umbrella with Case as the controlling figure, but each fund targets a distinct stage of company development and deploys capital independently.

Steve Case's personal wealth, built during his tenure as CEO and Chairman of AOL, provides a significant portion of the capital. Revolution Growth also raises institutional limited partner commitments for each fund. Fund III closed at $525 million in 2018, and Fund IV is targeting $500 million (per Bloomberg, December 2023). Ted Leonsis is a meaningful personal co-investor in the platform.

Revolution Growth typically leads or co-leads rounds and prefers to be the primary institutional investor in a deal. The firm will syndicate with like-minded growth equity managers when needed but generally avoids participating as a passive co-investor in deals led by other sponsors. The firm's deep board governance model makes passive participation impractical.