ImpactAlpha, October 30 – Salesforce Impact Fund, Robin Hood and Lumina Foundation are each putting up $5 million to back companies supporting adults with job retraining, equitable compensation, and inclusive work environments. The partnership will also invest in companies helping adults complete high school, learn math and science skills, and access higher education.
The investment initiative marks New York-based nonprofit Robin Hood’s first foray into impact investing. “The fight against poverty needs every weapon in our arsenal,” Robin Hood’s Wes Moore said in a statement. The organization has 30 years of experience and has committed $120 million to fighting poverty in New York City through legal services, housing, meals, workforce development training and education programs.
Salesforce Ventures is making its commitment as part of its $50 million impact fund, which launched last October. The fund has already made a couple of education and workforce investments, including RaiseMe and Guild. The $5 million commitment to the partnership with Lumina and Robin Hood is earmarked for new investments.
Indianapolis-based Lumina Foundation has an established track record in edtech and workforce-based impact investments. The foundation, which has its own impact fund, has backed ventures like literacy and workforce skills startup Cell-Ed and analytics company Cevitas Learning, as well as other funds, like New Markets Venture Partners’ second edtech fund.