With ‘Silicon Valley’ model, UNICEF invests in tech start-ups working to improve children’s lives
Using a venture capital approach – investing in companies with short track records but long-term growth possibilities – the United Nations Children’s Fund announced today the first five emerging market start-ups to which it will provide seed money to source solutions for issues like transportation, wearable technology, finance, and personal data.
Along with the UNICEF Innovation Fund’s first portfolio of investments, the agency also opened the next round of applications from start-ups, calling the Fund a “new way of doing business at the UN; combining the approach of Silicon Valley venture funds with the needs of UNICEF programme countries.”
“Using UNICEF’s 190 offices and 12,000 staff, the Fund will help us source and support companies that might be overlooked by traditional investment vehicles,” Cynthia McCaffrey, the Director of the UNICEF Office of Innovation said in a news release.
According to the release, the Fund allows UNICEF to prototype technology solutions, as well as expand its networks of open source collaborators to improve children’s lives.