ECMC Foundation has rolled out an education PRI fund and backed two funds.
The fund, called Education Innovation Ventures, invests in startups that aim to help underserved students increase their skills and get better jobs.
It has made a $1 million investment in Employment Technology Fund, which invests in early stage startups working to help underemployed Americans. It is also backing the Venn Foundation, a Minneapolis-based donor advised fund manager.
Peter Taylor, president of ECMC Foundation, said he launched a PRI fund because he wanted to do more to tackle education and skills gaps.
“While grants play an important role in addressing problems in higher education, they aren’t enough,” he said. “In theory, the financial returns from PRIs could be recycled in perpetuity.” ECMC Foundation has assets of $640 million.