Major Omidyar Network Investment Lifts Global Nonprofit to New Level

Benetech to Use $1.5 Million to Scale Up Grassroots Digital Initiatives in Literacy and Human Rights

FOR IMMEDIATE RELEASE

Palo Alto, Calif. (March 22, 2006): Benetech, the global technology nonprofit based in Palo Alto, announced today that it has received a $1.5 million investment from Omidyar Network. This major investment will help Benetech deliver on its ambitious three-year organizational business plan and focus on its grassroots digital initiatives in disability literacy and human rights. Other key objectives include strengthening Benetech’s management team, actively engaging more senior Silicon Valley leaders, and tripling Benetech’s fund raising from living donors. To accomplish these bold goals, Benetech hopes to inspire and challenge others to join it in supporting its acceleration toward even greater impact.

Benetech identifies social problems and market niches where technology could make a tremendous difference. Benetech is a nonprofit, which functions like a technology startup. The organization’s unique team takes what others see as unfeasible, and with its novel approach and social responsiveness, creates technology that makes customer-focused solutions possible. Benetech has a track record for getting things done with a proven impact on areas of immense need.

“We are very pleased to make a substantial up-front investment in support of Benetech's multi-year plan,” said Dena Jones Trujillo, manager of investments at Omidyar Network. “Doing so will allow Benetech to do its work from a position of financial strength and stability. Rather than fundraising, the Benetech team can do what they do best – deploy technology solutions in such a way that individuals are empowered to address challenges in their lives.”

“We build tools for people who need technology to make social change. Our success will be measured by what our users accomplish in their lives using our technology to gain literacy or seek human rights,” said Jim Fruchterman, CEO and founder of Benetech.

About Benetech

Benetech creates technology that serves humanity by blending social conscience with Silicon Valley expertise. Benetech builds innovative solutions that have lasting impact on critical needs around the world. Many beneficial technologies have compelling social applications that are not developed because such efforts do not meet for-profit investors’ financial expectations. Benetech specifically pursues endeavors with a strong social, rather than financial, rate of return on investment, bringing commercial technology and private sector management techniques to bear in creating innovative, non-traditional solutions to challenging social issues. More information on Benetech and its projects can be found at www.benetech.org or by calling (650) 475-5440.

About Omidyar Network

Omidyar Network is a mission-based investment group committed to fostering individual self-empowerment on a global scale. Established in June 2004 by Pierre and Pam Omidyar, the Network is founded on the simple core belief that every individual has the power to make a difference. Omidyar Network funds for-profits and nonprofits that promote equal access to information, tools and opportunities; connections around shared interests; and a sense of ownership for participants. To date, Omidyar Network has created a diverse portfolio that fosters individual self-empowerment across the economic, political and social realms, with investments in areas such as microfinance, open source, citizen journalism and collaboration in the sciences. Through its work, Omidyar Network intends to catalyze a new breed of business for which social impact directly drives profitability. To learn more about Omidyar Network and the organizations it has funded, please visit http://www.omidyar.net.

# # #

- Back to Top –