The decade-old New Media Ventures investment fund, which backs startup organisations and non-profits establishing technologies to improve access to government, said it is raising a “Crisis Development Fund” aiming to offer matching grants for startups advancing democracy and centering marginalized neighborhoods.
The fund will offer grants and investments of between $25,000 and $250,000 to entrepreneurs establishing services and tech-enabled services focused on progressive causes, the fund said.
” COVID-19 will be one of the biggest economic, political, and cultural turning points of our life time– however what the future holds depends completely on our collective actions in the coming months and years,” stated Taren Stinebrickner-Kauffman, President, New Media Ventures, in a statement. “This is a moment of terrific uncertainty and fear, but also one of fantastic altruism and entrepreneurialism. Our new Crisis Innovation Fund will resource the most promising COVID-19- pertinent concepts that emerge from the 2020 Open Call.”
Concentrated on creators with direct experience of the issues dealing with people of color, LGBTQ, bad and vulnerable communities, as well as companies and organizations that are “shifting power, constructing motions and sparking civic engagement,” the NMV is opening up a rolling procedure for funding.
The annual open call to supply seed financing for organizations has actually previously resulted in $50 million in commitments over the company’s ten-year history. Previous financial investments from the financier’s 85 strong lineup of business consist of nonprofit organizations and for-profit companies like: ActBlue Civics, TurboVote, Upworthy, Attentive.ly(