Jobs for the Future (JFF), a Boston, MA-based national nonprofit that drives transformation in the American workforce and education systems, launched JFF Ventures, a new impact investing arm that will manage funds focused exclusively on emerging technologies with the potential to improve economic mobility for workers in low-wage jobs.
Led by Yigal Kerszenbaum, founding managing partner, JFF Ventures will invest in seed- and early- stage companies with a dedicated focus on developing technology solutions that create opportunities for economic advancement for workers in low- and middle-wage jobs. Through JFF Ventures, JFF will prioritize investments in startups founded or led by women of all backgrounds and men and women of color.
It will be supported by a newly-formed Corporate Innovation Council of leaders in talent management and development, investing, and corporate social responsibility who will advise tech entrepreneurs tackling some of today’s most critical challenges related to equity, inclusion and economic mobility. The new council will provide coaching, advice on go-to-market strategy, and feedback on product design and business model to help founders maximize product-market fit. Founding members include Jocelyn Caldwell, vice president, Workforce Strategy and Planning at Walmart; Todd Lewis, vice president at Prologis Ventures; Milan Suri, senior director, Distribution Growth Ventures at Northwestern Mutual; and Nikita Steals, vice president, Tech Talent Acquisition at Capital One.
The new investment arm marks a major expansion of JFF’s growing focus on technology investing and acceleration, building on the organization’s 2019 acquisition and incubation of the Employment Technology Fund (ETF@JFFLabs). To date, JFF has already invested in more than 35 high-impact technology startups through ETF@JFFLabs, which will become JFF Ventures Fund I. More than half of JFF’s current portfolio companies launched with female founders, compared to 2.3% of companies who have received venture funding overall, and 60% launched with founders of color.
FinSMEs
21/10/2022