February 2024

New Two-Step Process for Spring '24

We have broken our traditional process into two easy steps:

Step 1: Basic Information- Applicants enter and upload basic information about their organization. This information previously comprised the first half of our application.  

Our team will then review your organization’s information and invite you to apply for grants in the category(ies) where your application will be most competitive. 

This process will open on February 9, 2024 and close on March 1, 2024.

The goal here is to reduce duplicate data entry and to allow our team to make informed decisions on the grant category in which your organization stands the best chance of success.

Step 2: Application Questions -The invitation received following step one will include a customized link to the second part of the application. This is essentially the second half of our traditional application. 

All data entered in Step 1 will be pre-populated and grant seekers can rest assured that you are applying in an eligible category where you have the best chance to receive funding.

This part of the process will open on March 8, 2024 and close on March 29, 2024. 

It’s scholarship season at the Philadelphia Foundation.

With more than 200 scholarships awarded annually from the funds we manage, there are plenty of opportunities for students seeking financial assistance – and only one application is necessary.

Learn more about scholarships offered through the Philadelphia Foundation and how to apply here.

Did You Know?

Philadelphia Foundation helped launch a new venture capital fund of funds, called The Historic Fund. Created to support the endowments of Historically Black Colleges and Universities (HBCUs), the $10.35 Million fund is the brainchild of a group of prominent investors and operators in the venture capital ecosystem who recognize the importance of HBCUs and their role in promoting equity and inclusion in higher education.

The Historic Fund is a unique philanthropic initiative that invites selected HBCUs to be limited partners without investing their own assets. Instead, through the Philadelphia Foundation, the fund raised capital from partners of the participating funds: Acrew Capital, B Capital, Cowboy Ventures, First Round Capital, FirstMark Capital, Foundry, General Catalyst, Spark Capital, and Union Square Ventures.

The fund will also support a variety of under-represented fund managers via its stake in First Close Partners, a venture fund with the mission of making venture capital more inclusive that invests in funds led by underrepresented managers. The schools will hold the partnership interests and distributions as part of their permanent endowment. The income on the endowment can be used as they wish.

The goal of the fund of funds is not only to bolster the endowments of HBCUs, but also to foster connectivity between these institutions and the broader venture capital community.

Historically, opportunities in venture capital, both for funding and for employment, have been concentrated among graduates of a small number of universities . The Historic Fund hopes to leverage its position at the intersection of the HBCU community and the venture capital community to develop programming that will expand opportunities for students curious about entrepreneurship and innovation, as well as support administrations exploring alternative asset class strategies with their endowments.

The inaugural cohort of HBCU partners included Benedict College, Bennett College, Fisk University, Florida A&M University, Hampton University, Morehouse College, Virginia State University, Virginia Union University, and Xavier University of Louisiana.

At the helm of this effort is a group of esteemed professionals in the innovation ecosystem who are passionate about improving access and equity in the world of venture capital.

The initiative has benefited from the guidance and support of Dr. Regina Benjamin, a founding partner of First Close Partners and former Surgeon General of the United States; Ken Chenault, Chairman and Managing Director at General Catalyst; Josh Kopelman, Managing Partner at First Round Capital and founding partner of First Close Partners; Megan Maloney, Managing Partner at Dria Ventures; Samson Mesele, Partner and General Counsel at Union Square Ventures; Ekwutozia Nwabuzor, Counsel at Lowenstein Sandler; Adanma Raymond, the Historic Fund’s Executive Director; and Ed Zimmerman, Tech Group Chair at Lowenstein Sandler and founding partner of First Close Partners.

Learn more about the Historic Fund here.