Five of the world’s wealthiest individuals are supporting a new charity alliance that aims to improve the lives of low-income Americans and frontline workers. Over the next 15 years, a fund led by Bill Gates, Steve Ballmer, Charles Koch and others
Called NextPradder Ventures, the initiative will support nonprofits and for-profit organizations through grants, equity investments and income-based financing.
In addition to the positions of the Gates Foundation, Ballmer Group and Koch, NextBadder includes the Valhalla Foundation, founded by Inuit co-founder Scott Cook, and has received funding from John Overdeck, co-chairs of two of the hedge foundation’s Sigma Investments.
NextPradder Ventures will be led by Ryan Rippel, former head of economic mobility strategy at the Gates Foundation. Its board of directors will invite three independent members and a representative from each funder.
The alliance will prioritize access to emerging technologies, especially AI, to help people facing challenges such as unemployment or housing instability. For frontline workers like social workers and legal counsel, the organization aims to provide digital tools to reduce administrative burdens and increase the scope of impact. A portion of the funds will also be used to focus on ensuring that AI benefits are shared.
Anthropic, an AI startup known for its Claude model, will serve as NextMater’s first AI partner. It will provide grantees with access to Claude subscription, API credit and internal technical support. “Our team will be on the way with these organizations, bringing the attention of our largest corporate clients and solving the biggest challenges of society to nonprofits,” said Daniela Amodei, co-founder of Anthropic, in a LinkedIn post.
With the development of artificial intelligence technology, people continue to worry about the potential to deepen inequality. An IMF 2024 report found that about 40% of global jobs are exposed to AI, and high-income earners are ready to benefit from the majority, which may widen the existing wealth gap.
With more than $343 billion in net worth, the funders behind Nextladder hope to offset these risks by conveying Tech’s commitment to underserved communities. Early examples of technical solutions that align with NextPradder’s tasks include Cartortal, an app that connects children and families in crisis to support choices, and Rasa-Legal, Rasa-Legal, a platform that helps individuals with criminal records navigate intake.
Other areas of focus include improving credit acquisition, managing debt, and helping workers discover career paths moving upwards through innovative technical tools.
“With the rapid development of technology, especially when it comes to AI, we have incredible opportunities to help people live healthier and more prosperous lives,” Mark Suzman, CEO of the Gates Foundation, said in a statement. “NextPradder Ventures brings together the vision, resources and community connections needed to create solutions for millions of Americans and frontline workers who serve them, providing them with more economic opportunities and moving upwards even bigger.”
