The Beacon Foundation and Australian Indigenous Mentoring Experience (AIME), two of SVA’s long-time venture partners, have received major funding commitments from both government and philanthropy.

Beacon will receive a $15 million investment – $10 million from the Paul Ramsay Foundation and $5m from the Tasmanian Government – to deepen its presence in Tasmanian schools with high levels of students from disadvantaged backgrounds. The funding will go towards a five year pilot program designed to increase Year 12 attainment rates. Beacon will co-create curriculum with schools, employers and parents, to connect education and employment opportunities in six communities.

AIME will receive $5.75 million from the Federal Government to expand the program to 6000 Indigenous students, as well as new regions across the country. In 2014, AIME students completed Year 12 at a rate of 93% while the Indigenous average is just 58.5% and non-Indigenous 86.5%.

Social Ventures Australia (SVA) Director Jenna Palumbo said the funding was a strong endorsement of the capability of both organisations, the demonstrable social impact they were achieving, and their capacity to effectively scale.

‘We chose to work with Beacon and AIME many years ago because we believed they showed enormous potential; both to significantly impact the lives of people in need and to influence the way the system works.’

‘We are delighted that our support has played a role in getting them to the point where major funders are confident that in backing them they are backing viable solutions to entrenched social challenges like low educational attainment rates among specific groups.’

‘Through venture philanthropy we will continue to test and support innovative ideas, programs and technologies and assist them to become impactful and sustainable through other funding sources – whether this be government, philanthropy, or a through an enterprise model.’