Robin Hood announces new investments into nonprofits led by people of color

With the support of other funders, the Robin Hood Foundation has committed more than $16 million to an initiative supporting poverty-fighting nonprofits led by people of color, CNBC reports. 

The foundation announced the Power Fund, which aims to tackle disparities in philanthropic funding that often leave out nonprofits led by people of color, in July. 

Five organizations make up the first cohort of nonprofits receiving funding through the Power Fund. The leaders and their organizations are: Barika X. Williams, executive director of the Association for Neighborhood & Housing Development; LaRay Brown, president and CEO of the One Brooklyn Health System; Jessica Santana and Evin Robinson, co-founders of America on Tech; Jerelyn Rodriguez, co-founder and CEO of The Knowledge House; and Bernell K. Grier, executive director of IMPACCT Brooklyn.

Recipients will receive an undisclosed amount of funding and access to the foundation’s “management assistance and network support” for everything from board member recruitment to fundraising. Leaders at each organization will also receive funding for leadership development.

Robin Hood started the initiative with a $10 million investment, but other donors, such as the Stavros Niarchos Foundation, BlackRock, and Capital One helped raise more than $6 million in additional funding. Robin Hood will support new organizations and leaders each quarter.