About
NewSchools Venture Fund is a national nonprofit venture philanthropy that invests in education leaders and entrepreneurs working to improve public education in the United States. Founded in 1998 by social entrepreneur Kim Smith and venture capitalists John Doerr and Brook Byers, the organization was built on the belief that entrepreneurs have the power to drive meaningful change in education. Legally incorporated as the New Schools Fund (EIN 94-3281780), it is headquartered in Oakland, California.
Mission
NewSchools envisions "an education system that keeps its promise to all students." It works toward that vision by bridging capital providers with entrepreneurs working on education's frontlines — making philanthropic investments, conducting research, and sharing insights that challenge conventional thinking in the field.
What they do
NewSchools concentrates its investments in several areas:
- Innovative schools, including new and redesigned public schools
- Education technology ventures
- Diverse leaders in education
- Work advancing an expanded definition of student success
Beyond funding, NewSchools convenes the field through its annual Summit and publishes research and insights for educators, entrepreneurs, and funders.
History
Since its founding in 1998, NewSchools has evolved through several phases. From 1999 to 2004 it made initial investments in 10 charter school networks that reached over 100,000 students across more than 200 schools, and it established its annual Summit convenings. Between 2005 and 2014 it launched place-based funds in Boston, Newark, and Washington, D.C., and created a Seed Fund for education technology. In 2015-2016 it refocused on early-stage entrepreneurs and spun out EdForward DC, Educate78, and Reach Capital. Later years brought a strategic emphasis on expanded definitions of student success and diversity, expanded responsive grantmaking during the pandemic, the spin-out of the Advanced Education Research and Development Fund, and its 25-year milestone in 2023.
Financials
According to IRS Form 990 data compiled by ProPublica Nonprofit Explorer, the New Schools Fund reported total revenue of $49.1 million (including $45.0 million in contributions and grants), total expenses of $54.5 million, and year-end total assets of $66.4 million for fiscal year 2023. In fiscal year 2022, it reported $74.5 million in total revenue and $59.4 million in total expenses. The IRS granted the organization tax-exempt status in February 1998.
Governance
NewSchools Venture Fund is a 501(c)(3) tax-exempt nonprofit organization. Co-founder Kim Smith served as its first CEO from 1998 to 2005. Its offices are located at 2648 International Blvd, Suite 301, Oakland, CA 94601.