New Profit Inc., a Cambridge, Mass-based venture philanthropy fund that provides growth capital investment and strategic support for innovative social organizations has selected College Possible, formerly Admission Possible to be included in its funding portfolio.
Other organizations funded by the New Profit portfolio include: Teach For America, KIPP Schools, and Year Up. Teach For America, a past investee, and College Possible have operations in Milwaukee.
“This really is like getting called up to the big league within the nonprofit sector, and we are thrilled to receive this sort of support from New Profit at such a critical time,” said Edie Turnbull, executive director at College Possible Milwaukee. “With such an effective solution for individuals and communities, we feel we have a mandate to reach as many young people in Milwaukee and across the country as possible. This partnership with New Profit is going to provide the momentum for us to aggressively pursue our vision of a day when the future of America’s children is determined solely by their talent, motivation and effort.”
College Possible will receive $1 million in funding over four years beginning in 2012 as well as strategic consulting services from The Monitor Group.
“With outstanding college enrollment and graduation results, College Possible is leading the field in extending the spectrum of support provided to low-income students from 9th grade through college graduation,” said Jody Cornish, New Profit partner. “We have confidence in the organization’s capacity to scale quickly given the well-refined, cost-effective model and track record of diverse donor appeal and strong financial management.”
College Possible has grown nearly 250-fold since its founding in 2000, and is currently serving nearly 8,700 low-income students in three metro areas. Historically, 98 percent of College Possible seniors have earned admission to college and juniors have raised their ACT scores by more than 20 percent.
