ARLINGTON, Va., Oct. 1, 2020 /PRNewswire/ -- Stand Together Foundation today announced an investment of $750,000 in RiseKit to develop and scale its workforce solution through predictive analytics. RiseKit's software is the first tool of its kind to truly bring the workforce system to people struggling with significant employment barriers in underserved communities. The strategic investment will position RiseKit to help millions of unemployed and underemployed individuals across the U.S. to find and stay in careers over the next five years through predictive analytics.
RiseKit's platform is designed specifically for unemployed people from underserved communities who need more than just a job board – job seekers need access to basic necessities, case managers, career coaches, and employers who won't unfairly disqualify them as they navigate their paths successfully. RiseKit is transforming how people manage their career pathways while enabling the workforce system (i.e. employers, nonprofits, governments, grant makers) to better coordinate efforts to improve the efficacy of employment.
Since 2016, Stand Together Foundation has partnered with the country's most effective nonprofits to help accelerate their work and maximize their impact with the goal of breaking the cycle of poverty in America. Stand Together Ventures Lab, which is supporting Stand Together Foundation's investment in RiseKit, partners with ventures that are driving bold innovations with the potential for 100x impact and scale. RiseKit's predictive analytics technology and holistic workforce solution make it a natural fit for both Stand Together Foundation and Stand Together Ventures Lab, which support entrepreneurs with community-driven solutions to help people create fulfilling lives through satisfying work and community engagement.
Stand Together Foundation's investment will directly support RiseKit's vision to expand into more than 50 new markets by 2025 to help underemployed individuals find meaningful work.
"We are excited by RiseKit's leadership team, core beliefs, and vision," said Sihyun Choi, managing director, Stand Together Ventures Lab. "We completely agree on a vision of using predictive analytics to provide a personalized pathway to help underrepresented and low-income residents reach economic mobility."
To date, RiseKit has proven the viability of its technology and business model in the Chicago area, adding more than 1,250 individual users and signing deals with more than 16 partner institutions to provide job opportunities. For example, Akia Young, a RiseKit user living in Indiana, used RiseKit's software to seek employment and find housing in Chicago. Through the platform, Akia was able to secure a new role at Apple and cut her commute by more than an hour and a half. Another user, Sam Waue, had a resume barrier after coming out of prison. He was connected to RiseKit through Teamwork Englewood and accredits his ability to rise from part-time work to full-time work that lead to a promotion because of the resume and other employment support he received from RiseKit.
Stand Together Foundation works with a network of more than 180 nonprofit organizations who will now benefit from access to the platform, allowing the people they work with to leverage the AI and predictive analytics of the platform for acutely aligned job placements. The expanded user base will not only help drive adoption nationwide but will also allow RiseKit to give employers access to even more diverse candidates looking for careers and support programs.
"We believe that each and every person has unique gifts to offer the world, and we are eager to find new ways of helping individuals experiencing poverty discover their talents to contribute and rise. RiseKit offers a compelling new model to help connect those struggling to find opportunity with meaningful work," said Evan Feinberg, executive director, Stand Together Foundation. "We believe we can help RiseKit connect with the best nonprofits in the country and an employer network that will meaningfully help them scale. We're committed to helping them transform as many lives as possible."
RiseKit is led by a creative and adaptive team of social entrepreneurs who are dedicated to helping overlooked communities rise. While volunteering at workforce development organizations like i.c. stars and Teamwork Englewood, Co-Founder and CEO Matt Strauss learned how difficult it was for Chicagoans to navigate the path to employment. Those experiences led Matt and his team to build RiseKit into what it is today.
"Poverty and access to jobs is a complex problem," said Strauss. "Our team uncovers and deals with systemic problems every day, which can sometimes make it feel so painful to do this work. But we continue to work hard and take time to celebrate as a team every time we see success stories. With the use of predictive analytics, we will be able to transform the way unemployed and underemployed job seekers understand what it takes to get and maintain a job, while creating more trust in the ecosystem of supporting schools, training providers, employers, government systems, and foundations."
RiseKit provides all job seekers access to a career path, regardless of the zip code in which they live. Our software connects unemployed and underemployed people from underserved communities with jobs, training programs, and supportive services to rise above barriers to their employment. We also help nonprofits, employers, government systems, and community foundations save time supporting job candidates and measuring outcomes. We aim to facilitate a world where a person's ability to rise isn't defined by their zip code, social capital, or past circumstances and where nonprofit providers and employers alike can answer the question, "How can we efficiently impact and uplift the communities that we serve?" Visit us at RiseKit.co to learn more.
About Stand Together Foundation
Stand Together Foundation identifies, recruits, and cultivates a community of dynamic entrepreneurs who are leading a movement to break the cycle of poverty in America. We strategically partner with the country's most innovative and effective nonprofits and invest in them through financial capital, management support, storytelling and other offerings to fuel their innovation and take their efforts to the next level. Our goal is to transform the social sector by helping nonprofit leaders maximize their impact, addressing persistent poverty through a deep belief in people and bottom-up solutions. Learn more at StandTogetherFoundation.org.
About Stand Together Ventures Lab
Stand Together Ventures Lab (STVL3, LLC) is an active value creator in originating, incubating, and funding ventures that leverage disruptive business models and/or unique application of technology with the potential to drive exponential transformations in society and advance its members' missions. For inquiries please reach out to [email protected].
Allison Fried: (571) 236-2589 ([email protected])
SOURCE Stand Together Foundation