Reed Hastings has already made it easier for millions to access entertainment. Now he wants to do the same for education.
Hastings, the CEO and cofounder of Netflix, announced in a Facebook post Tuesday that he is launching a $100 million fund to back efforts that connect children with better educational experiences.
The Hastings Fund, as the new venture is called, kicked off by investing $1.5 million in the Hispanic Foundation of Silicon Valley and the United Negro College Fund, organizations focused on fostering the education and careers through scholarships, guidance and advocacy.
"I’m so blessed to be able to do this, and I hope to do more in the future," Hastings wrote on Facebook.
With this effort, Hastings is following in the footsteps of tech titans like Facebook's Mark Zuckerberg and Microsoft's Bill Gates, who have both committed to donate their vast multi-billion dollar fortunes to a range of efforts, including public education.
Hastings doesn't have quite as much money to give away as the Zuckerbergs of the world. His Netflix stake is said to be valued well above $1 billion. But he did previously sign The Giving Pledge, created by Gates and Warren Buffett, committing the majority of his wealth to philanthropy.
The Hastings Fund lists its mission statement as the following: "Currently, too many children do not have access to amazing schools. Our aim is to partner with communities to significantly increase the number of students who have access to rich and holistic educational experiences."