University of Chicago is getting a $50 million gift

University of Chicago

Venture capitalist Michael Moritz is gifting $50 million to the University of Chicago. The money will be used to benefit low income students.

Moritz, chairman at Sequoia Capital, and his wife, Harriet Heyman, are funding a support program for “lower-income students with outstanding potential,” the university announced.

The university says the donation is part of its five-year, $350 million investment plan for its Odyssey Scholarship Program “for undergraduate students with the greatest economic need, many of whom are the first in their families to attend college.”

Along with donating $50 million, Moritz and Heyman have challenged the university to raise a matching $50 million.

The Odyssey program eliminates the need for loans and work requirements for the students and also supports study abroad and career development through paid internships.

“I wouldn’t be here today if not for the generosity of strangers,” the investor said on his company web site.

You may recall Sequoia Capital from the movie ‘The Social Network.’ It was the company Mark Zuckerberg showed up at in his pajamas while arguing why the company shouldn’t invest in Facebook.