Omidyar Network Pledges $10 Million to White House Social Innovation Fund

REDWOOD CITY, Calif. and WASHINGTON, May 27 /PRNewswire/ -- Omidyar Network today announced a $10 million commitment over a two-year period to the Social Innovation Fund, a public-private partnership launched last year by The Corporation for National and Community Service.  The President and First Lady, active supporters of this initiative, welcomed key philanthropists to the White House to recognize their contributions and participation.  

"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 honored 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 nonprofit organizations and to help social entrepreneurs expand their successful approaches to tackling our nation's most pressing challenges.  For more information about the Social Innovation Fund, please visit http://www.nationalservice.gov/about/serveamerica/innovation.asp.

About Omidyar Network

Omidyar Network is a philanthropic investment firm dedicated to harnessing the power of markets to create opportunity for people to improve their lives. Established in 2004 by eBay founder Pierre Omidyar and his wife Pam, the organization invests in and helps scale innovative organizations to catalyze economic and social change. To date, Omidyar Network has committed more than $330 million to for-profit companies and nonprofit organizations that foster economic advancement and encourage individual participation across multiple investment areas, including microfinance, property rights, government transparency, and social media. To learn more about Omidyar Network, please visit www.omidyar.com.

SOURCE Omidyar Network

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