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Momentus Capital Closes $171 Million Equitable Prosperity Fund
Foundation: Marguerite Casey Foundation, Marguerite Casey Foundation, Kresge Foundation
Stephen Stephens' father died of cancer when he was 53, and his message to young people has stayed with him.
"Always do the right thing son," he tells Fast Company.
"That message has always stayed with him."
That's why the 24-year-old founder of Momentus Capital is closing down his investment company to focus on social impact, the Washington Post reports.
The Equitable Prosperity Fund will focus on "growth-stage companies that are driving positive changes in their communities, such as improving access to healthcare, providing healthy foods, and supporting diverse entrepreneurs and employee ownership," according to a press release.
The fund has raised $171 million from more than 20 financial institutions, corporations, and charitable organizations, including Charles Schwab Bank, Kresge Foundation, Northwestern Mutual, and Truist.
Stephens says he wants to "fill a market gap by offering non-dilutive growth capital to support entrepreneurs ready to scale positive impact in communities."
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Social Entrepreneurship
Spotlight
Social Entrepreneurs to Get Free WiFi Access
iPass, a telecommunications provider, will give free internet access to 100 non-government organizations (NGOs) for a year as they work in dangerous countries to help its poor and underserved populations.
