The Withanage Foundation has announced the establishment of a new non-profit institute in Geneva, Switzerland, together with a new research hub in California, to develop new business models in media and technology. The institute comes in advance of a $500 Million investment vehicle led by the Withanage family office into new platforms in AI, gamification, and tokenisation, which are due to be announced in 2025.
The institute is an independent, non-profit organisation designed to research and develop models and technology which will raise and deploy money for accredited charities, NGOs, and multilateral organisations. The two locations will unite the tech leadership of California with a strong NGO presence in Switzerland. Their combined goal is to advance the Virtue Capitalism thesis: that profitable businesses can meaningfully bring about social and environmental change. The institute has the advancement of the UN Sustainable Development Goals as its central objective.
Supported by Foundation-led research, the Withanage family office has led a $20 million investment into a new platform focused on gamification and philanthropy. Led by Rahula Withanage, the family office is behind the founding of the BMB Group and Scepter Partners, both multi-billion dollar investment platforms that unified sovereign investors across the Middle East and Asia.
Rayo Withanage, Rahula's son, recently announced a sabbatical from private equity and is currently working as Program Coordinator for the Withanage Foundation. Rayo Withanage commented, "We are delighted to announce this new project for the Withanage Foundation. We hope that our strong partnerships in Switzerland and California will lead to the development of new models that can have real impact on pressing universal issues and change a profit-centric approach to business into one that benefits both the business and the global community."
In 2017, Rayo Withanage purchased the famed Château de Vie estate. The estate was the final home of Pablo Picasso, where he produced artworks worth over $4 billion. The house has a renowned cultural legacy, hosting Winston Churchill, F. Scott Fitzgerald and Ernest Hemingway, Salvador Dali, and iconic entertainers as diverse as Charlie Chaplin, Édith Piaf, and the Rolling Stones. The estate has since been transferred to a new investment group.
