Pioneering VC Gives $116 Million to Alma Mater
Michael Moritz's latest beneficiary is not a tech start-up.
The Welsh-born venture capitalist and his wife, novelist Harriet Heyman, have donated more than 75 million British pounds ($116 million) to the University of Oxford, his alma mater, The Guardian reports.
The Moritz-Heyman contribution will be used to provide 11,000-pound scholarships for Oxford students in the lowest 10% by income (those with annual family incomes below 16,000 pounds), The Guardian says. Oxford will also waive most of its tuition fee for scholarship recipients, leaving Moritz-Heyman scholars to find 3,500 pounds for tuition, which they can fund via loans; the remainder of the money is intended to cover living expenses.
Oxford says the gift is the largest financial assistance contribution to an undergraduate institution in European history, according to The Wall Street Journal.
Moritz was the managing partner at Silicon Valley venture capital firm Sequoia Capital until late May, when he stepped down from the position due to illness. His portfolio of investments include Google, LinkedIn, PayPal, and Yahoo.
Moritz was ranked No. 273 this spring on the Forbes 400 list of the wealthiest Americans, with a net worth of $1.7 billion.