The financing will benefit The Last Mile, a nonprofit organization that provides coding education and vocation opportunities to incarcerated individuals
Participants include Omidyar Network, The San Francisco Foundation, Virgin Unite, Lulie & Gordon Gund, Duncan Niederauer, David Pottruck, and other prominent philanthropists and impact investors
Whether someone donates individually or as part of the many donor funds in the market today, they follow the same general path: due diligence, donate, and hope for impact. By using the Impact Security, donations are only deployed upon the delivery of objectively measured impact.
“Innovation is crucial to keep industries moving forward. Companies are continuously evolving and innovating, the same should be true for nonprofits and the communities they serve. The NPX team has taken this approach to philanthropic giving and its innovative solution will help nonprofits to raise more funds and their profiles at the same time,” said Richard Branson, Virgin Unite.
At issuance, The Last Mile raised $800,000 from 11 investors and $900,000 from 16 donors. The $800,000 investment capital will go to The Last Mile immediately to fund the first-ever web development shop inside a U.S. prison at San Quentin State Prison in the Bay Area.
HOW IT’S UNIQUE
Based on many years of experience as nonprofit executives, investors and donors, NPX designed the model to benefit all participants:
Linking donations with impact creates a tremendously valuable feedback loop that is missing in today’s nonprofit funding environment. The ripple effect is profound. By simply changing the way we fund impact, over time the new model will catalyze more money, more data, and, ultimately, more impact in the sector.
WHY IT MATTERS
“NPX has transformed fundraising for nonprofits. The Impact Security enables us to focus on creating impact rather than hosting events and other fundraising tactics.”
Beverly Parenti, Executive Director of The Last Mile
“The social and environmental issues we face today are massive and nonprofits can't scale to solve them without access to more capital over longer timelines tied to impact performance. Financial engineering isn’t a silver bullet, but finance matters and the status quo is broken. We believe that unlocking the true potential of the nonprofit sector is possible with one simple change: linking capital with performance.”
Lindsay Beck & Catarina Schwab, Co-Founders & Co-CEOs of NPX
IMPACT SECURITY PARTICIPANTS
Prominent foundations and individuals are participating in this historic transaction.
About The Last Mile
The Last Mile (TLM) is a nonprofit organization that prepares incarcerated individuals for successful re-entry through business and technology training. Learn more at www.thelastmile.org.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/f18b1459-bcaa-4a09-8eb4-1b25a7eb214e.