New Profit invests in six social entrepreneurs expanding opportunity in America
New Profit, the venture philanthropy organization, is thrilled to announce investments of $1 million in each of six nonprofit organizations driving transformational change in education and economic mobility in America. Cara Collective is honored to be one of the six organizations named, along with BARR Center, CodePath, i.c.stars, The Knowledge House, and Project Basta. These investments are part of New Profit’s ongoing efforts to expand its portfolio of high-impact social enterprises led by visionary entrepreneurs who center the assets, expertise, and aspirations of the communities they serve.
The unrestricted funding is coupled with tailored capacity-building support over a four-year term to help each organization deepen their impact, broaden their scale, and drive systems-level change. The announcement comes on the heels of Cara Collective releasing our FY23-FY25 Strategic Plan, Access. Equity. Opportunity. which lays the groundwork for us to expand access to our services by centering them in the design of our participants; go deeper within ourselves and with our partners to examine what it means to truly frame our work and practices in equity; and create more opportunities for our job seekers, their families, and communities to build real and lasting success.
“Cara Collective’s vision is to fuel a national movement to eradicate poverty and we do this by seeking out partners like New Profit to innovate with us and create real and sustainable employment pathways,” said Kathleen St. Louis Caliento, President & CEO of Cara Collective. “With New Profit’s investment, they are not just walking alongside our participants, they are demonstrating a shared commitment to creating access, equity, and opportunity. We are proud to join them and our fellow organizations named today.”
Click here to meet all six organizations chosen.
About New Profit
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 $1.7B in government funding for social innovation.