Omidyar Network commits $10 Million for White House Social Innovation Fund

Microfinance Focus, May 28, 2010: Dedicated to harness the power of markets to create opportunities for poor people, Omidyar Network has recently pledged USD 10 million for the White House Social Investment Fund over a two year period. The Social Innovation Fund is a public-private partnership launched last year by The Corporation for National and Community Service.  

“The Social Innovation Fund’s approach mirrors Omidyar Network’s history of partnering with organizations focused on igniting transformative social change,” said Matt Bannick, Managing Partner, Omidyar Network. “We’re honoured to join the President and First Lady in supporting innovative non-profits employing scalable, technology-driven solutions that address our nation’s most pressing issues.”

The White House Social Innovation Fund will provide capital to support innovative non-profit organizations and to help social entrepreneurs expand their successful approaches to tackling our nation’s most pressing challenges.  Omidyar Network has committed more than $330 million to for-profit companies and non-profit organizations that foster economic advancement and encourage individual participation across multiple investment areas, including microfinance, property rights, government transparency, and social media.

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