The Boston-based GreenLight Fund has announced the launch of a $15 million investment fund to remove barriers to inclusive prosperity, achieve greater economic mobility, and advance equity in underserved communities.

The American New Cities Fund II will expand GreenLight’s operations from its current 11 cities (Atlanta, Baltimore, Boston, Charlotte, Cincinnati, Detroit, Kansas City, Minneapolis/St. Paul, greater Newark, Philadelphia, and the San Francisco Bay area) to an additional four locations that have yet to be publicly announced. According to GreenLight, the fund’s multiyear investments to scale programs that address specific community-identified needs—such as early childhood literacy, college access and persistence, teacher effectiveness, food insecurity, family income and asset building, community safety, and youth aging out of foster care—are projected to reach more than one million individuals and families.

The fund’s more than 50 investors include major banks and finance-related firms (Bank of America, Bain Capital, and Deloitte), and foundations (the Hearst, Lovett-Woodsum Family Charitable, Reeder, Satter, and David Tepper Charitable foundations), as well as individuals including Emma Bloomberg, MacKenzie Scott and Dan Jewett, and JP Morgan Chase CEO Jamie Dimon and his wife, Judy. In addition to receiving direct financial contributions, GreenLight has formed strategic sponsorships with Bank of America, Bain Capital, Deloitte, Goldman Sachs Gives, iHeartMedia, and the National Football League to leverage social capital and resources to strengthen the fund’s national and local efforts.

“Advancing equity and achieving greater economic mobility are imperatives for families and individuals in communities across our country,” said John Connaughton, co-managing partner at Bain Capital and a GreenLight board member. “GreenLight’s innovative approach toward scaling what works is one of the keys to unlocking opportunity for so many.”

“We…look forward to the next significant step towards country-wide impact,” said David Tepper Charitable Foundation COO Randi Tepper. “GreenLight’s thoughtful, intentional and sustainable approach, in partnership with local stakeholders, is what so many communities need to shift outcomes toward equitable opportunity.”

(Photo credit: Getty Images/fizkes)