Moore Impact Invests $1.3 Million to Fortify the Sustainability and Innovation of BIPOC-led Enterprises
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Moore Impact announced $1.3 million in grants to 18 “Power Champions,” a cohort of Black, Indigenous, and People of Color (BIPOC) led enterprises working at the intersection of racial equity and COVID-19 response. The investments aim to fortify the long-term sustainability and innovation of organizations serving people from under-resourced communities across the United States and reverse philanthropy’s disinterest in BIPOC-led social change.
Investments by Moore Impact, a collaborative partner and 501(c)(3) exempt entity under Moore Philanthropy, will provide flexible general operating support over two years and focus on groups whose work directly impacts people affected by the COVID-19 pandemic and compounding health, economic, education, and racial justice crises. Additionally, funding will fortify organizations whose leadership and staff are reflective of the communities they serve – 100% of grantees serving Black communities are Black-led; 100% of Native-serving enterprises have Native leadership; 78% of grantees are woman-led; and the majority of grants will be directed to regions often neglected by philanthropy in the South, Midwest, and Inland Western United States.
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(New York, NY) – Moore Impact receives investment to scale its impact as one of the only Black-founded and woman-led philanthropic intermediaries in the United States, with support from Pivotal Ventures, a Melinda French Gates company. The organization will reinvest resources in “Power Champions,” a cohort of Black, Indigenous, and People of Color (BIPOC) led enterprises working at the intersection of racial equity and COVID-19 response to foster their long-term sustainability and innovation.
Financing for Moore Impact will strengthen and enhance the operational capacity of the organization to identify, respond to, and invest in BIPOC-led and serving social enterprises. Resources will also be reinvested through multi-year general operating grants and one-time rapid response aid to nearly 30 Power Champion organizations based in the West, Midwest, and Southern United States. With support from Pivotal Ventures, Moore Impact will direct critical investments to communities of color and reverse philanthropy’s disinterest in BIPOC-led social change.
“The convergence of the COVID-19 pandemic, systemic racism, and historical economic inequities have devastated communities of color across the country. Philanthropy must resource institutions founded and led by BIPOC community members whose leaders know best how to solve the ongoing systemic challenges impacting people of color,” said Yvonne L. Moore, President of Moore Impact. “In partnership with Pivotal Ventures, we can help the philanthropic sector shift resources to fortify BIPOC-led enterprises mobilizing to alleviate the overwhelming impact of these compounding crises on marginalized people.”
Despite the charitable nature of philanthropy, the sector has consistently overlooked capacity-building and funding for BIPOC leaders who have the most lived experience in the very challenges the field is aiming to resolve. The lack of diverse leadership and low funding levels towards leaders of color are clear indicators of the sector’s shortcomings, with devastating consequences for communities of color.
“Providing resources to women of color-lead organizations who are on the front lines of advancing progress toward racial equity in the U.S. is fundamental to our mission at Pivotal Ventures,” said Ada Williams Prince, Senior Advisor, Program Strategy and Investment of Pivotal Ventures. “We are proud to support a diverse group of partners, such as Moore Impact, to help support enterprises who have been impacted by the economic downturn of COVID-19.”
To learn more, visit Moore Impact.
About Moore Impact
Moore Impact, a 501(c)(3) exempt entity under Moore Philanthropy, provides a tax-exempt vehicle that allows donor collaboratives, giving circles, advocacy initiatives, and urgent response funds to accept donations and make grants, both in the U.S. and abroad. Learn more.