A team of four venture capitalists in the northwest has created the country’s first fund whose entire profit will be dedicated to charity, the Portland Business Journal reports.
Founders of the $40 million eFund hope it will yield some $100 million for an education foundation in the next three to five years, the Business Journal reports.
“We have seen a rise in philanthropic activity among the venture-capital community,” said Jeanne Metzger, spokeswoman for the National Venture Capital Association. “But a fund giving all of its proceeds to charity has never been heard of.”
Since it began in December, eFund has invested in a dozen start-up companies. The fund currently targets early-stage technology companies in the Northwest.
Joe Tanous, Portland businessman and eFund partner, said the group dodged publicity for several months to ensure the affiliation with the charitable foundation ran smoothly, The Business Journal reports.