TL's nonprofit venture model transforms philanthropic capital into local investment and a permanent funding engine for San Diego

SAN DIEGO, May 27, 2026 /PRNewswire/ -- TL Foundation, San Diego's philanthropic venture fund, named Kris Lichter as chief executive officer to lead the next phase of the region's economic and innovation funding engine. TL Foundation is bringing together San Diego leaders across all sectors to establish an evergreen source of capital that will grow over time, enabling local innovative companies to start, scale and transform San Diego's future. (https://SanDiegoTLF.org)

San Diego is one of the nation's leading innovation hubs, with world-class companies, talent and research. TL Foundation was created to accelerate and expand that capability by putting philanthropic funding to work into San Diego's most promising startups. As these companies grow, they and their employees contribute to the broader community.

When a TL portfolio company reaches a successful outcome or exit, all proceeds return to the fund for reinvestment for further deployment across the San Diego innovation ecosystem. This investment flywheel expands the evergreen capital base and creates a more self-reliant regional economy. Over time, a $15 million fund can become $100 million, then $300 million. Every success helps fund the next one with a positive impact throughout the community.

"San Diego has extraordinary people and companies that care deeply about this city. They have chosen to build their businesses and raise their families here. They're committed to this town and we're committed to them," Lichter said. "Our opportunity is to put capital to work that empowers our local entrepreneurs to accelerate their value creation and success, which enables San Diego to grow stronger and more capable far into the future. This is built by San Diegans for San Diegans."

A San Diego native, Lichter said the work is deeply personal and rooted in socioeconomic best practices from his global experience. Families seek to build their lives in places with strong job opportunities, quality education, vibrant communities and a stable foundation. When those elements are in place, the region becomes more self reliant, sustainable and future proof.

Lichter brings more than two decades of experience leading and investing in emerging technology initiatives and scaling innovation worldwide. He previously served as chief executive officer of Ardica Technologies and held senior global roles at IBM. He is also an operating partner at Victory Six Advisors and co-founder of DuMonde Ventures.

"Kris brings the rare combination of local commitment, operating experience and global perspective that this moment requires," said Andy Ballester, chairman of TL Foundation. "San Diego has strong innovation activity right now. Kris understands how to scale it and continue advancing a system that supports company growth and long-term regional success."

TL Foundation's initial funding has been led by San Diego philanthropists Buzz Woolley and Malin Burnham, with support from many of the city's leaders in startups, technology and life sciences. In just over a year, TL has invested in six high-potential companies: Condor Software, Looq, Papillon Therapeutics, Resolute Science, Proper Voltage and Welby Health. These early efforts show how local capital drives company growth, job creation and broader economic strength.

Under Lichter's leadership, TL Foundation will focus on expanding its capital base, increasing the pace of investment and broadening participation across the community.

"TL started as a unique idea that had never been done before. Kris is the right person to help grow this into something much bigger for San Diego," said Mike Krenn, managing director of Prebys Ventures and founder of TL Foundation. "We're asking people building across San Diego to step in and help. This is a rare opportunity where a donation can grow over time and keep giving back. The more we invest now, the faster we can grow something truly significant. If you share TL's vision and are committed to San Diego's future, we want to hear from you."

Get involved by contacting the TL team at manager@SanDiegoTLF.org and visiting https://SanDiegoTLF.org.

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SOURCE TL Foundation