AlleyCorp Launches New Fund to Harness Technology for Social Good

AlleyCorp Impact will invest in and incubate early-stage ventures dedicated to making positive change in education, mental health, climate change, and social justice

NEW YORK, July 13, 2022 /PRNewswire/ -- AlleyCorp, the NYC firm dedicated to founding, funding, and building transformative companies across industries, today announced the launch of AlleyCorp Impact, a fund dedicated to supportinging early-stage tech ventures (both for-profit and nonprofit) in the social impact space. The fund will invest in and incubate ventures that provide solutions to address hardships — exacerbated by the pandemic — faced by low-income or historically underserved families, with a focus on the areas of education, social justice, mental health, and climate change.

AlleyCorp Impact will continue AlleyCorp's pioneering approach of both founding companies and funding existing startups. The fund initially will deploy $25M in philanthropic and venture capital to seed, empower, and grow compelling ideas with  meaningful social impact. AlleyCorp's unique ability to ideate new companies and provide deep portfolio support is possible, in part, because the firm operates without any outside limited partners. 

"We believe that technology can be an incredible tool to help combat poverty and economic inequality," said AlleyCorp founder Kevin Ryan. "AlleyCorp has had tremendous success to date in building companies powered by technology, and we feel compelled to more deliberately harness our resources for public good in New York and beyond."

AlleyCorp Impact is co-chaired by Ryan and Pascaline Servan-Schreiber, his wife, and led by Tanya Beja. Beja, who recently joined AlleyCorp as a Partner, has devoted her career to bridging the nonprofit and for-profit worlds to bring transformational new ideas to life. "I am incredibly excited to join AlleyCorp to build up and support ventures that can show that some of the hardships faced by low-income families are solvable," said Beja. "AlleyCorp's deeply experienced team and uncommon set of resources will provide the perfect launching pad for AlleyCorp Impact."

While AlleyCorp is industry-agnostic, it has developed expertise around key verticals including ecommerce, media, healthcare, Web3, robotics, and material sciences. Companies that AlleyCorp has founded to date include MongoDB, Gilt Groupe, Business Insider, Zola, and Nomad Health.

AlleyCorp is a $600M+ evergreen venture fund and a leading player in the New York tech startup ecosystem. Founded by serial entrepreneur Kevin Ryan, AlleyCorp is dedicated to growing transformative companies in New York and across the globe in three principal ways: by founding them (prior incubations include MongoDB, Gilt Groupe, Business Insider, Zola, and Nomad Health); by investing in and supporting early-stage companies (across pre-seed, seed, and series A); and as a limited partner (investing in 30+ top funds globally). AlleyCorp also operates specialized funds in a range of areas including a $100M healthcare fund, a $30M robotics fund, and recently launched an in-house engineering team in Canada, comprised of over 40 exceptional engineers, that work for the team's early stage companies. For more information, please visit www.alleycorp.com.

Contacts
AlleyCorp
Susannah Shipton
212-741-8242
[email protected]

SOURCE AlleyCorp