After 2yrs, Tulaine Montgomery now sole CEO of New Profit, which has invested over $300M in organizations

Abu Mubarik July 17, 2023
Tulaine Montgomery. Photo credit: Black Business

Tulaine Montgomery is an entrepreneur, educator, writer, and organizer whose sterling leadership qualities have seen her play several roles in the U.S., the Caribbean, East Africa, Indonesia, and South Africa. As a writer, she has been featured in Stanford Social Innovation Review, The Root, Worth Media, and more.

Montgomery is now stepping into the role as the sole CEO of New Profit, a venture philanthropy organization that backs social entrepreneurs who are advancing equity and opportunity in America, according to Black Business.

New Profit exists to bridge the gap between these leaders and a community of philanthropists who are committed to catalyzing their impact. As part of its mandate, the organization provides unrestricted grants and strategic support to a portfolio of organizations led by visionary social entrepreneurs to increase their impact, scale, and sustainability.

So far, the company has invested over $300 million into over 200 organizations and also unlocked nearly $2 billion in government funding for social innovation. The firm partners with social entrepreneurs and other leaders to influence how government and philanthropists pursue social change to ensure that all people can thrive.

Montgomery is taking over from New Profit Founder Vanessa Kirsch, with whom she served as co-CEO for two years. Reflecting on 25 years of impact, she noted that she was honored to lead and support this community of changemakers, philanthropists, and social entrepreneurs.

“It is the opportunity of a lifetime to lead our work elevating proximate practices in philanthropy, and bring together a multiracial, intergenerational, cross-sector coalition that can power an American Evolution,” Montgomery said

As co-CEO of New Profit, she became a key architect of the company’s proximity strategy, which started based on research that found that firms with black or Latino leaders receive less than 5% of total grants and contributions in the sector.

In this regard, the company announced in May a $40 million partnership with the Ballmer Group and Echoing Green to address funding challenges experienced by black-led nonprofit organizations. 

“Tulaine’s insight, expertise, and bold vision for change have helped shape New Profit and the broader philanthropic sector,” said Steve Jennings, New Profit’s Board Chair. “As we look to the future where both inspiration and action are needed, we are thrilled to have a leader with her ability to bring people together and move us all forward.”

She comes into office at a time of extraordinary growth at New Profit. In the last five years, the company has more than doubled its portfolio from 36 organizations to 73.

Last Edited by:Mildred Europa Taylor Updated: July 17, 2023

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