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One of the world's largest not-for-profit foundations has teamed up with a venture capital firm to invest $50 million in a fund that aims to improve the health of children around the world, Bloomberg reports.
According to a press release, the Neta Foundation has teamed up with Springhood Ventures to invest in "cutting-edge technologies for the enduring benefit of humanity at the point of greatest value: childhood."
"Through Springhood, we have an opportunity to champion the advancement of cutting-edge technologies for the enduring benefit of humanity at the point of greatest value: childhood," Danielle Capalino, CEO of Neta, says in the release.
The fund will invest in early-stage technology companies focused on improving the health and well-being of children around the world.
According to Bloomberg, children make up 25% of the US population and many chronic conditions are the result of a lack of adequate healthcare in the early years of life.
"We are thrilled to collaborate with Neta," John Parker, managing partner of Springhood, says in the press release.
"We are a venture firm pursuing exceptional financial returns, but our core mission is to improve the health of children."
One of the companies investing in the new fund, called the Children's Health Fund,
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Social Entrepreneurship
Spotlight
3 Social Enterprises Earn Honors at Social Enterprise Award
Three social enterprises were recognized at the 2013 President’s Challenge Social Enterprise Award for their major contributions to society. SATA CommHealth and Bliss Restaurant landed Social Enterprise of the Year titles, while Bettr Barista Coffee Academy bagged the award for Social Enterprise Start-up of the Year.