Moore Impact, an organisation that provides tax-exemptions to donors and advocacy initiatives accepting donations and making grants, both in the US and internationally, has received investment to scale its impact.
The black-founded, woman-led philanthropic intermediary in the US intends to reinvest resources in “Power Champions,” a group of black, indigenous, and people of color (BIPOC)-led organizations that work to tackle racial equity issues exacerbated by Covid-19.
According to the organisation, the financing, backed by Pivotal Ventures, a Melinda French Gates company, will be reinvested through grants and rapid response aid to nearly 30 Power Champion organizations based in the West, Midwest and Southern US.
“The convergence of the Covid-19 pandemic, systemic racism, and historical economic inequities have devastated communities of colour across the country,” said Yvonne Moore, president of Moore Impact.
“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,” she added.
Research from the National Center for Biotechnology Information (NCBI) published in January revealed the pandemic disproportionately impacted black Americans. Prevalence ratios in black Americans were 156% higher than in white Americans, 154% higher in Hispanics, and 104% higher for other racial groups, the study found.
“Providing resources to women of color-led organizations who are on the front lines of advancing progress toward racial equity in the US is fundamental to our mission at Pivotal Ventures,” said Ada Williams Prince, senior advisor, program strategy and investment at 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,” she added.
Since the start of the pandemic, various banks have made promises to invest to address racial inequality in the US.
Last year, US Bank pledged a $15 million fund that would provide grants to those “dedicated to addressing systemic economic and racial inequalities in small business, affordable housing and workplace development.”