MetLife and MetLife Foundation Make a $30 Million Multi-Year Commitment to Support Upstate New York
15 November 2023 - 6:45AM
Business Wire
As part of this commitment, MetLife Foundation
announces a $1 million impact investment to Launch NY, its largest
single contribution to the region to date.
MetLife, Inc. (NYSE: MET) and MetLife Foundation today announced
a $30 million multi-year commitment to support Upstate New York,
which includes pledges of $5 million in funding and impact
investments by the Foundation and $25 million in impact investments
by MetLife. As part of this commitment, MetLife Foundation has made
an impact investment of $1 million to Launch NY to promote
entrepreneurship.
“I’m committed to lifting up every community in New York and
helping people grow and thrive,” Governor Kathy Hochul said.
“Thanks to public sector efforts and private sector investments
like this one from MetLife, Utica and the Mohawk Valley are moving
in the right direction. We’ll continue working with our partners to
create jobs and opportunity for all New Yorkers.”
MetLife Foundation’s strategy centers on driving inclusive
economic mobility and strengthening the communities where MetLife
has a presence through three portfolio areas – Economic Inclusion,
Financial Health and Resilient Communities. With MetLife employees
living and working in the Utica area, the commitment by MetLife and
the Foundation will provide ongoing support to the community and
residents.
"As a company founded in New York, we are proud to be part of
the state’s fabric and believe we have an important role in the
communities we serve,” said MetLife President and CEO Michel
Khalaf. “The commitment by MetLife and MetLife Foundation seeks to
build upon existing efforts in Utica and the surrounding area to
help all New Yorkers thrive.”
The $1 million impact investment by MetLife Foundation was part
of the first close of Launch NY’s Seed Fund II, LP, a for-profit
limited partner fund that invests in high-growth startup companies
to drive local employment and entrepreneurship opportunities. The
first close of the fund, targeted between $15 million and $20
million, is expected to accelerate commitments from other
interested investors, as Launch NY remains the most active seed
fund in New York state.
"MetLife Foundation’s investment enables us to create
opportunities for talented entrepreneurs who will encourage growth
and economic prosperity in Upstate New York,” said Dr. Marnie
LaVigne, President and CEO of Launch NY. “We value their commitment
to the region and look forward to building on our successful
partnership.”
In addition to its impact investment to Launch NY, the
Foundation has already made over $1.4 million in grants to Upstate
New York non-profits including:
- Food Bank of Central New York, to address food insecurity
through the expansion of their weekend meal program for school-age
children and Mobile Food Pantry.
- Community Foundation of Herkimer & Oneida Counties, to
bridge the gap between community and resources through workforce
development, neighborhood revitalization, and resident
engagement.
- Munson, to broaden access to their gallery spaces by making
them accessible to visitors with mobility limitations, and summer
workshops for local children and teens at no cost.
To learn more about the work of MetLife Foundation, visit
www.MetLife.org.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (“MetLife”), is one of the world’s leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help individual and institutional
customers build a more confident future. Founded in 1868, MetLife
has operations in more than 40 markets globally and holds leading
positions in the United States, Japan, Latin America, Asia, Europe
and the Middle East. For more information, visit
www.metlife.com.
About MetLife Foundation
At MetLife Foundation, we are committed to driving inclusive
economic mobility for underserved and underrepresented communities
around the world. We collaborate with nonprofit organizations and
provide grants aligned to three strategic focus areas – economic
inclusion, financial health and resilient communities – while
engaging MetLife employee volunteers to help drive impact. MetLife
Foundation was established in 1976 to continue MetLife’s long
tradition of corporate contributions and community involvement.
Since its inception, MetLife Foundation has contributed over $1
billion to strengthen communities where MetLife has a presence. To
learn more about MetLife Foundation, visit www.metlife.org.
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For Media: Olivia Janicelli (212) 578-3547
olivia.janicelli@metlife.com
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