Investing in Central Texas: LiveOak Ventures’ Philanthropic Journey

July 15, 2024

For more than a decade, LiveOak Ventures and its founders have worked with Austin Community Foundation to create and enhance their corporate and personal charitable giving efforts. An early-stage venture capital firm based in Austin, LiveOak has nearly $500 million under management and has led over 60 high-growth investments in Texas-based leaders. However, investing in promising startups is not its only endeavor, as the firm strongly believes in giving back to the Central Texas community.

LiveOak’s journey with ACF began in 2010 when co-founder Venu Shamapant established a donor advised fund for his philanthropy. Four years later, he furthered his commitment to ACF’s mission by creating a family fund and joining the Board of Governors, where he currently chairs the investment committee. This relationship with Venu paved the way for a long-standing partnership with LiveOak.

LiveOak Gives: Hands-On Support for Growth

Since its creation in 2012, LiveOak has been deeply involved in nurturing its portfolio companies, providing hands-on support to foster their success. By opening a corporate advised fund with ACF in 2019, known as LiveOak Gives, their commitment to building businesses can extend beyond the startup realm to empower nonprofits with the same spirit of guidance and growth.

Annually, LiveOak teams up with their portfolio companies to select a handful of Texas-based nonprofits whose services make a meaningful and lasting impact on the lives of the most vulnerable in our community, including children, the elderly, and families in poverty. Each awardee receives a substantial grant (up to $50,000 per year)—distributed efficiently and securely through ACF’s comprehensive grantmaking services—and is eligible to participate for two years in a row. In addition to funding these nonprofits, LiveOak supports them with open doors, offering tailored strategic advice and organizing networking events to support their growth.

Some of these events introduce grant recipients to LiveOak’s portfolio companies to bridge the gap between nonprofits and potential donors, leveraging their extensive network for additional community benefit. Since the program’s inception in 2019, LiveOak has granted over $1 million to more than 20 nonprofits. The collaborative approach of LiveOak Gives ensures that nonprofits receive more than just funding; they also gain the support needed to expand and reach more of the community.

Spreading the Giving Spirit

Beyond engaging portfolio companies in their philanthropic work, LiveOak encourages their employees to get involved with local organizations. Many LiveOak employees volunteer regularly or serve on nonprofit boards, and one employee even found a calling in ACF’s economic mobility work.

In 2022, leaders at LiveOak identified a gap in their giving and sought ways to support women specifically. Trusting ACF’s community-led and data-driven work, they decided to support ACF’s Women’s Fund program to target a wide range of issues impacting Central Texas women. LiveOak’s Vice President, Paola Retes, took her commitment one step further by joining the Women’s Fund Steering Committee—a unique volunteer opportunity for individual and corporate donors.

LiveOak Scholars: Investing in the Future

This year, while celebrating five years of LiveOak Gives, the venture capital firm launched another initiative, LiveOak Scholars. Inspired by other corporate scholarships at ACF, this program is designed to nurture future leaders in STEM and business.

Similar to its grantmaking program, LiveOak Scholars will go beyond financial aid by leveraging their extensive portfolio to connect recipients with internship and job opportunities. This, coupled with in-house mentorship, is intended to help each recipient gain industry experience and expand their professional network, creating invaluable pathways for career growth.

Finding opportunity in the partnership, LiveOak leveraged ACF’s existing scholarship application and promotional capabilities, drawing over 180 applicants in their first year. They created a process to engage their portfolio companies in reviewing the applications, working together to determine the top seven finalists, who will be announced later this year. Demonstrating their commitment to long-term support, LiveOak has allocated sufficient funding to allow students to reapply annually without diminishing the resources available for new scholarship applicants.

What’s next?

Looking ahead, LiveOak envisions broadening its impact by extending its reach. Previously dependent on a nomination model for LiveOak Gives, it hopes to reach more nonprofits in Texas by creating an application process. Julianna Giraldo, head of marketing at LiveOak, credits ACF’s grantmaking model as “something we aspire to replicate for LiveOak Gives’ next phase.”

When asked how the partnership with ACF has enabled LiveOak to grow its philanthropic efforts over the years, Julianna responded: “We wouldn’t have been able to do it without [ACF].” She highlighted ACF’s local expertise has connected them with numerous nonprofits, and the Foundation’s established programs have provided templates for structuring each new initiative.

Our partnership with LiveOak exemplifies the transformative power of philanthropy when managed with ACF. The Foundation works to understand each donor’s unique values and goals, continually innovating to expand their impact.

Feeling inspired by LiveOak’s journey? Reach out to our team to discover how we can collaborate to amplify your philanthropic efforts, creating a lasting and meaningful impact in our community.