A $25 million fund has been launched in the US to provide between $250,000 to $1 million in financing for US start-ups looking to deliver social good. The vehicle, founded by Ankur Jain CEO of the Kairos Society, is aiming to tackle issues such as affordable housing, childcare and worker retraining.
Jain says he developed the fund as an antidote to Silicon Valley VCs who appear more interested in solving affluent consumers’ problems rather than take on pressing social issues. He believes that many of the technology ventures currently being funded will likely hurt employees and endanger citizens’ livelihoods.
“We want to back founders that can rethink business models that leave everyday people financially strapped,” Jain says.
Among the first start-ups to benefit from the new fund is Little Spoon, an organic baby food delivery provider that has just launched a national service.
Image: Little Spoon