Announced at the Robin Hood Investors Conference, the alliance will direct an initial $15 million in co-investments to for-profit education and workforce development companies whose products, services, and technologies produce a financial return and have the potential to reduce poverty. In the area of education, investments will focus on companies that are working to help students graduate with a high school diploma; promote access to STEM education; and boost access to high-quality postsecondary credentialing programs. In the area of workforce development, the alliance will invest in companies focused on job training and re-skilling programs; equitable compensation and benefits; and diversity, equality, and inclusion in the recruiting process.
The alliance builds on the successful co-investing relationship between the Lumina Foundation and Salesforce Ventures, which share a focus on investing in high-growth technology companies working to advance solutions in education and workforce development, while it is the first foray into impact investing for Robin Hood.
"The fight against poverty needs every weapon in our arsenal, and Robin Hood is excited to bring thirty years of learnings backed by our rigorous metrics to this new alliance around impact investing," said Robin Hood CEO Wes Moore. "We don't have all the answers in the poverty fight, and we're fortunate and excited to partner with the Salesforce Impact Fund and Lumina Foundation to share lessons, best practices, and support innovative platforms in education and workplace development that help families lift themselves from poverty."