San Francisco's KIPP Foundation has raised $10 million in matching funds to secure a $50 million federal Investing in Innovation grant.
KIPP Foundation will use the $60 million to double in size over the next 10 years. KIPP is a national network of charter schools. There currently are 99 KIPP schools in 20 states and Washington, D.C., serving 26,000 students from low-income rural and urban neighborhoods.
Sixty percent of the matching funds come from new donors like the Charles and Helen Schwab Foundation, which gave $1 million.
Other major first-time supporters include: New York City's Wallace Foundation ($2 million), the Bezos Family Foundation in Seattle ($2 million), the Charles and Lynn Schusterman Foundation, Robin Hood Foundation and the Chamberlin Family Foundation.
The rest of the matching gifts, $4 million, came from existing KIPP supporters. New Profit Inc. was another major funder with $2 million' the Laura and John Arnold Foundation pledged $1 million and CityBridge and the Ewing Marion Kauffman Foundation also contributed to the match.
The KIPP Foundation was established in 2000 to help grow the KIPP charter school network. Its primary supporters were Doris and Don Fisher, the co-founders of the Gap. Charles Schwab and Don Fisher were longtime friends and business associates, and the Schwab's foundation has long supported other educational causes.
KIPP, along with Teach for America which also won $50 million from the government, were the two biggest winners in the Department of Education's $650 million Investing in Innovation grant competition.
The i3 Fund, as this federal program is called, aims to bring new philanthropic interest to education reform.