Richard King Mellon Foundation Invests in NuMoola

The Richard King Mellon Foundation, founded in 1947, is the largest foundation in Southwestern Pennsylvania, and one of the 50 largest in the world. For more than 70 years, the Foundation has invested in the competitive future and quality of life of Southwestern Pennsylvania. The Foundation’s 2020 year-end endowment was $3.1 billion, and its Trustees in 2021 disbursed $152 million in grants and Program-Related Investments. 

The Richard King Mellon Foundation recently announced the results of its first-ever Social-Impact Pitch Competition. Through this effort, they hoped to identify and support for-profit companies with a public purpose that aligns with the Foundation’s Strategic Plan. According to the Pittsburgh Post-Gazette, Foundation Director Sam Reiman said, “We want to support this new generation of compassionate entrepreneurs who are using their talents to change the world. Too often such entrepreneurs are unable to obtain the financial support they need to make their dreams a reality. Pittsburgh’s entrepreneurial and community spirit makes this an ideal city to launch this innovative philanthropic program.” 

The Pitch Competition was announced on July 14th and Reiman identified the competition as “Shark Tank without the sharks.” The Foundation was amazed by the interest with 108 companies submitting pitches to be in the running for the top 3 prizes. Through a national panel of expert judges, they assisted the Foundation in narrowing it down to 27 finalists; from there three winners were recommended to the Foundation’s Board of Trustees in December. However, the finalists were so strong that the Board also approved investments in 13 other finalist companies.  

NuMoola is proud to have been selected as one of the 16 finalists to receive an investment! In all, the Foundation invested $3.39 million in 16 companies with promising business ideas to make our communities stronger. We are thankful for the Richard King Mellon Foundation and its dedication to supporting companies that are creating a positive social impact.