Saturday, August 27, 2011

Nonprofit Converts to "B Corporation" Status to Take Investment Funds

Forbes reports that nonprofit has become a "B" or "Benefit" Corporation in order to receive $7.6 million in funding from Benchmark Capital and the Omidyar Network.  The now former nonprofit connects global travelers with locals throughout the world and has a user base of three million people in 81,000 cities.  The B Corporation is an invention of the nonprofit B Lab, which certifies for-profit corporations as B corporations if they meet social, environmental performance, and legal accountability standards and "build business constituency for good business" according to the Certified B Corporation website.  B Lab is also working to enact B Corporation legislation in at least three states (California, Michigan, and New York). 

Hat Tip: Tactical Philanthropy


August 27, 2011 in In the News, State – Legislative, Travel, Web/Tech | Permalink | Comments (3) | TrackBack (0)