Early-stage workforce venture fund JFFVentures announces $15m first close

JFFVentures, an impact fund strategically aligned with the nonprofit Jobs for the Future (JFF), announced the first close of its second fund, JFFVentures Fund II. With a target of $50 million, fund will back founders with lived experiences who are building innovative HR, education, and workforce solutions that enable economic mobility for workers in middle to low-wage jobs.

Carrie Varoquiers, Chief Philanthropy Officer, Workday: "At Workday we believe that talent is everywhere but opportunity is not. It's because of this belief that the Workday Foundation is proud to partner with JFFVentures and support its second fund. At Workday, creating a more diverse and inclusive workforce is a key priority to us, and as part of that, we look forward to seeing the opportunities and results of this fund."

As an impact-driven fund investing in scalable solutions across healthcare, climate, IT, retail and hospitality, JFFVentures has attracted investment from a mix of major U.S. employers, foundations, and family offices including: The Quality Jobs Fund, ECMC Foundation, Gong Family Foundation, Autodesk Foundation, Workday Foundation, The SCAN Foundation, and American Council on Education (ACE). 

Sarita A. Mohanty, President and CEO, The SCAN Foundation: "The SCAN Foundation is proud to participate in the first close of the JFFVentures Fund II, reflecting our unwavering commitment to fostering a world where all older adults can age well with purpose. Employment not only provides older adults with a sense of purpose and community, but also enhances their financial resilience. The establishment of this fund is pivotal in driving innovation aimed at creating a more diverse and inclusive workforce that will benefit older adults and enrich the labor market as a whole."

By leveraging the network and deep expertise of JFF, a 40 year-old nonprofit focused on driving transformation of the U.S. education and workforce systems, JFFVentures has access to unparalleled market and policy insights, enabling portfolio companies to build connections with employers, while helping education leaders and government decision makers critical to deploying technology at scale. The fund, which will operate independently from JFF, aims to provide competitive financial returns to limited partners while doubling down on impact targets by aligning portions of the General Partners carry to specific fund level impact metrics as well.

JFFVentures' inaugural fund made 55 investments in category leading companies like Cell-Ed, ChargerHelp, Factory Fix, AdeptID, Climb Credit, and Nepris (later acquired by Providence Strategic Growth Fund). 65% of these companies have successfully raised capital from later stage investors. Furthering its commitment to social impact, the fund prioritizes founders with lived-experiences. As a result, 84% of founders backed by the fund identified as under-represented within the venture capital space.

Yigal Kerszenbaum, Managing Partner, JFFVentures: "My journey as an immigrant navigating the complexities of education and the workforce, facing hurdles and forging my own path, has deeply influenced the mission of this fund. But our returns prove that economic outcomes and social impact can be two sides of the same coin. There are profound opportunities for both at the intersection of technology and workforce advancement."

www.jff.org