New Profit Announces New CEO & $40M Funding Pledge During 25-Year Transitional Period
Tulaine Montgomery to transition to Chief Executive Officer on July 1 Partnership pledge with Echoing Green and Ballmer Group of $40M to fund Black owned non profits
BOSTON, June 21, 2023 /PRNewswire/ -- After 25 years as a leading venture philanthropy organization, New Profit is appointing new leadership. Founder Vanessa Kirsch is passing the baton to social impact leader Tulaine Montgomery, who will assume sole responsibility as CEO on July 1, 2023. Montgomery was a member of the original 'idea team' that designed and helped launch New Profit in 1998.
During this transition, New Profit will celebrate its 25th anniversary, highlighting the organization's accomplishments while sharing its vision for the next quarter century. The new CEO, Tulaine Montgomery, is an entrepreneur, educator, writer, and organizer. She has played leadership roles in the launch and expansion of social enterprises across the U.S., the Caribbean, East Africa, Indonesia, and South Africa.
During her time at New Profit, Montgomery has led initiatives focused on strengthening education-to-employment pathways for underserved youth, driving resources and support to entrepreneurs who have been directly impacted by the American legal system, and building a more diverse, equitable, and inclusive organization and philanthropic sector. Montgomery has also served as the lead architect of New Profit's Inclusive Impact strategy and Proximate Capital fund, which seeks to bridge the resource gap faced by Black, Latine/x, Indigenous, rural, and other underinvested social entrepreneurs.
"It is an honor to become the CEO of New Profit, to have the chance to lead and support some of the most committed people in the social impact sector," Montgomery said.
"Tulaine is a remarkable leader who has inspired breakthrough innovation and deep impact through her bold vision, her bias for action, and her ability to bring people together in shared purpose," said Jeff Walker, New Profit's Board Chair. "We are thrilled to have an executive of her caliber and commitment leading New Profit and the broader philanthropic sector forward?especially at a moment when this nation needs both inspiration and action."
New Profit is a venture philanthropy organization that backs social entrepreneurs who are advancing equity and opportunity in America. New Profit has recently pledged $40M alongside Echoing Green and the Ballmer Group to Black non profit owners. New Profit exists to build a bridge between these leaders and a community of philanthropists who are committed to catalyzing their impact. Below are just some of the numbers:
- Raised over $500 million from individual and institutional philanthropists supporting social entrepreneurs and field-building work.
- Since its founding in 1998, New Profit has invested over $350M in 200+ organizations and, through the America Forward Coalition's collective advocacy efforts, has unlocked over $1.9B in government funding for social innovation.
- As of the last 2 years, 88% of the organizations in New Profit's portfolio are led by people of color
- Pledge $40M with Ballmer Group and Echoing Green to fund Black owned non profits
Of the $330 billion of U.S. venture investment in 2021, Black founders raised only 1.3 percent, totaling just over $4.3 billion (TechCrunch, 2022A). By the end of 2022, adverse market conditions led to a 36% drop in overall VC dollars, but Black entrepreneurs saw a 45% decrease in financing. (MSNBC, 2023).
Montgomery's goal is to continue to bridge the gap and intersections between social entrepreneurship and funding. As an African American woman in the venture philanthropy space, she is well aware of the disparities to exist with funding and accessibility for social driven and people lead initiatives.
Tulaine Montgomery Bio
Tulaine Montgomery is an entrepreneur, educator, writer, and organizer. She has played leadership roles in the launch and expansion of social enterprises across the U.S., the Caribbean, East Africa, Indonesia, and South Africa. Tulaine currently serves as Co-CEO of New Profit, a venture philanthropy organization that backs visionary leaders who are scaling innovations and transforming our nation's most important and often inequitable systems. During her time at New Profit, Tulaine has led initiatives focused on strengthening education-to-employment pathways for underserved youth, driving resources and support to entrepreneurs who have been directly impacted by the American legal system, and building a more diverse, equitable, and inclusive organization and philanthropic sector. Full Bio Here
About New Profit
Boilerplate: New Profit is a venture philanthropy organization that backs social entrepreneurs who are advancing equity and opportunity in America. New Profit exists to build a bridge between these leaders and a community of philanthropists who are committed to catalyzing their impact. New Profit provides unrestricted grants and strategic support to a portfolio of organizations led by visionary social entrepreneurs to increase their impact, scale, and sustainability. It also partners with social entrepreneurs and other cross-sector leaders to shift how government and philanthropy pursue social change to ensure that all people can thrive. Since its founding in 1998, New Profit has invested over $350M in 200+ organizations and, through the America Forward Coalition's collective advocacy efforts, has unlocked over $1.9B in government funding for social innovation. Learn more at www.newprofit.org.
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SOURCE New Profit
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