JFFVentures’ second fund will back tech startups connecting workers with opportunities to build a stronger, more inclusive workforce
BOSTON, April 4, 2024 /PRNewswire/ — JFFVentures, an impact fund strategically aligned with the nonprofit Jobs for the Future (JFF), announced the first close of its second fund today. With a target of $50 million, JFFVentures Fund II will back founders with lived experiences who are building innovative HR, education, and workforce solutions that enable economic mobility for workers in middle to low-wage jobs.
“At Workday we believe that talent is everywhere but opportunity is not,” said Carrie Varoquiers, chief philanthropy officer, Workday. “It’s because of this belief that the Workday Foundation is proud to partner with JFFVentures and support its second fund. At Workday, creating a more diverse and inclusive workforce is a key priority to us, and as part of that, we look forward to seeing the opportunities and results of this fund.”
As an impact-driven fund investing in scalable solutions across healthcare, climate, IT, retail and hospitality, JFFVentures has attracted investment from a mix of major U.S. employers, foundations, and family offices including: The Quality Jobs Fund, ECMC Foundation, Gong Family Foundation, Autodesk Foundation, Workday Foundation, The SCAN Foundation, and American Council on Education (ACE).
“The SCAN Foundation is proud to participate in the first close of the JFFVentures Fund II, reflecting our unwavering commitment to fostering a world where all older adults can age well with purpose,” said Dr. Sarita A. Mohanty, president and CEO of The SCAN Foundation. “Employment not only provides older adults with a sense of purpose and community, but also enhances their financial resilience. The establishment of this fund is pivotal in driving innovation aimed at creating a more diverse and inclusive workforce that will benefit older adults and enrich the labor market as a whole.”
By leveraging the network and deep expertise of JFF, a 40 year-old nonprofit focused on driving transformation of the U.S. education and workforce systems, JFFVentures has access to unparalleled market and policy insights, enabling portfolio companies to build connections with employers, while helping education leaders and government decision makers critical to deploying technology at scale. The fund, which will operate independently from JFF, aims to provide competitive financial returns to limited partners while doubling down on impact targets by aligning portions of the General Partners carry to specific fund level impact metrics as well.
“Colleges and universities are hungry for the technologies that will enable them to deliver real returns to learners navigating an increasingly dynamic world of work,” said former U.S. Undersecretary of Education Ted Mitchell, who now leads the largest association of colleges and universities (ACE), which is a limited partner in the new fund. “The infusion of private capital – guided by experts who understand both the realities of our education system and the needs of the labor market – can help accelerate ideas and solutions that can make a real impact.”
JFFVentures’ inaugural fund made 55 investments in category leading companies like Cell-Ed, ChargerHelp, Factory Fix, AdeptID, Climb Credit, and Nepris (later acquired by Providence Strategic Growth Fund). 65% of these companies have successfully raised capital from later stage investors. Furthering its commitment to social impact, the fund prioritizes founders with lived-experiences. As a result, 84% of founders backed by the fund identified as under-represented within the venture capital space.
“My journey as an immigrant navigating the complexities of education and the workforce, facing hurdles and forging my own path, has deeply influenced the mission of this fund,” said Yigal Kerszenbaum, managing partner of JFFVentures. “But our returns prove that economic outcomes and social impact can be two sides of the same coin. There are profound opportunities for both at the intersection of technology and workforce advancement.”
About JFFVentures
JFFVentures is the nation’s leading early stage impact venture fund focused exclusively on next-generation HR, education, workforce and wraparound solutions with the potential to improve economic mobility for low-income workers.
Learn more at www.jff.org/work/jff-ventures
SOURCE JFFVentures
