The Nominet Trust has changed its name to the Social Tech Trust and has partnered with Social Investment Business, after parting ways with its corporate funder earlier this year.
The Nominet Trust was set up as a corporate foundation by Nominet, the UK's official registry for domain names, but in January the foundation announced it was becoming independent to enable it to attract new sources of funding.
To date Nominet has provided £44m in support to its foundation but will instead instead focus on its own programme.
None of the charity's existing funding committments have been affected by the change.
Yesterday it announced its new name, Social Tech Trust, and said a new website would launch soon.
"Social Tech Trust will uphold Nominet Trust’s heritage of supporting socially motivated UK start-ups and businesses that are transforming lives with tech," the charity said.
Its current portfolio includes over 750 initiatives.
Nominet said it would continue to invest in its own programme helping young people overcome challenges in the digital age.
Mark Wood, chair of Nominet, said: “As we focus on Nominet’s ambitious pubic benefit programme, it’s the right time for the Trust to have the freedom they need to pursue their social tech agenda. We thank the team for their enormous contribution over the last 10 years, and wish them well as they embark on an exciting new partnership.”
Yesterday the charity announced its new name and strategic partnership with Social Investment Business and plans to launch a new £500,000 fund, called Tech to Unite Us, in July.
The fund will be aimed at supporting ventures that demonstrate how technology can reach its potential when it is used to address inequality.
Nick Temple, chief executive of Social Investment Business, will also join the board of Social Tech Trust.
Bill Liao, chair of the Social Tech Trust said, “Powerfully leveraging tech with purpose will be strengthened by the trust’s new standing as a key independent contributor to the UK tech ecosystem, in partnership with Social Investment Business. We are all looking forward to delivering our next round of grants to empower a new generation of tech that transforms lives.”
Hazel Blears, chair of the Social Investment Business said, “I am delighted that we are entering into a strategic partnership with Social Tech Trust. New technology is reshaping the world we live in and the world that charities and social enterprises operate in, attracting new talent and creating new models of change. There’s never been a more exciting and important time to enter into this partnership with the potential to transform people’s lives for the better.
“This area is a key priority for Social Investment Business to ensure we can best support the social sector in future. We have complementary skills and expertise as partners, and I am looking forward to working closely with Bill and his team in the coming years to help more organisations harness the power of technology”.