DRK Foundation raises $65 million to fund 100 new social innovation companies
A major Bay Area venture philanthropy foundation is committing $65 million to jumpstart 100 new socially-minded entrepreneurs with big ideas to solve some of the world’s most pressing problems.
Draper Richards Kaplan Foundation’s initiative is the third and most significant round for the 15-year-old venture philanthropy foundation, which focuses on early-stage funding and high engagement with grantees.
Started by venture capitalists William Draper III and Robin Richards Donohoe, and later joined by former vice chairman of Goldman Sachs Robert Kaplan, the Menlo Park-based foundation has earned a reputation as an early pioneer of venture philanthropy — a model that provides business rigor and discipline to achieve high impact and high returns in the nonprofit sector.
Since 2002, the foundation has funded nearly 100 successful nonprofits with an impressive track record, including San Francisco-based personal micro-lending website Kiva.org and Room to Read, which promotes literacy around the world.
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