Tipping Point — a poverty-fighting foundation that has been a favorite of the tech community — announced a new $10 million fund today, the largest in the organization’s nine-year history.
The new SF Gives fund, led by Salesforce.com CEO Marc Benioff, already has $5 million in contributions from startups like Box, Jawbone and PopSugar.
Tipping Point President Daniel Lurie said he got a call from Benioff with the idea for the fund just two weeks ago. By the next week, nine companies had joined. The foundation now has 60 days to reach $10 million. And Lurie said he and Benioff are aiming even higher: $100 million. Tipping Point, which uses a data-driven approach and gives away 100 percent of its funds every year rather than keeping an endowment, will be using the money to expand beyond its current set of 45 nonprofits.
“This marks a new chapter,” Lurie said. “This is a really important moment. These young emerging companies are starting to understand their role in the community.”