Pioneering Venture Philanthropy Organization New Profit Joins the Algorand Ecosystem

The Algorand Foundation is excited to announce its partnership with New Profit to further opportunities for blockchain applications for social impact organizations and initiatives that are creating equity and opportunity in America. New Profit, a Boston-based venture philanthropy organization 501(c)(3) with more than 20 years of experience backing breakthrough social entrepreneurs, has invested more than $250M in financial resources and strategic support in over 100 path-breaking organizations.  

Together, the organizations and their communities share a belief in deeply disrupting the status quo and combating entrenched inequality. To do so, the collaboration will uniquely bring together the Algorand Foundation’s expertise in decentralized technology with New Profit’s deep experience in social problem solving. 

“For 20 years, we have been seeking out grantees and partners like Algorand who are pushing the envelope on what is possible in social problem solving,” said Vanessa Kirsch, Founder and CEO of New Profit. “We are excited and eager to see this collaboration lead to entirely new ways of thinking about and tackling some of America’s and the world’s most entrenched challenges.”

New Profit will partner with Algorand for research initiatives exploring how some of the principles of blockchain technology can be leveraged by high-impact organizations in their programs, governance, and other areas, all with a goal of accelerating impact for people on the ground in underserved communities. Initial areas of exploratory focus include strengthening democracy and rebuilding civic trust, alleviating poverty, and driving better educational and career outcomes in low income communities.  

“Given the prominence and adoption of blockchain technology, it is exciting to see a leading non profit organization like New Profit realising the benefits of the Algorand platform,” said Fangfang Chen, Head of Operations at the Algorand Foundation. “We are proud to welcome New Profit as the first social justice organization to our community and strongly believe that they will continue to be admired as an early adopter of innovation in their space.”