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Michael Murray
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Michael Murray

President, Director, Co-Founder & Treasurer

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At a glance

Full Name
Michael R. Murray
Title
Director, President/Treasurer
Firm
Crystal Springs Foundation
Firm Type
Private family foundation; impact investor/philanthropic investor
Investment Stage
Seed and early-stage impact investments, mainly through funds
Check Size
Unitus Seed Fund targeted $50,000-$100,000 investments per company
Target Company Profile
Scalable, for-profit companies and microfinance institutions serving low-income/base-of-pyramid customers
Sector Focus
Microfinance, financial inclusion, education, healthcare, agriculture, livelihoods, basic necessities, humanitarian services, children and youth
Geographic Focus
Seattle and international; documented impact-investing focus in India and base-of-pyramid markets
Location
Seattle/Redmond, Washington

Background

Michael R. "Mike" Murray is the president and director/president-treasurer of Crystal Springs Foundation, the family foundation he created with his wife, Joyce Murray, after leaving Microsoft. Public filings list Crystal Springs Foundation as a Seattle-based 501(c)(3) private foundation formed in 2001, with Michael R. Murray as president.

Murray began his career after studying engineering at Stanford University, where he created a concentration spanning product design, industrial engineering, and business. He later returned to Stanford for an MBA and entered the personal computer industry. At Apple Computer, he led startup marketing for the Macintosh product line and reported directly to Steve Jobs; the Computer History Museum describes him as Apple Marketing Manager for the Macintosh.

He joined Microsoft in 1989 to manage the networking software business and later became Microsoft's first vice president of Human Resources and Administration, a role he held until leaving in 1999. Sources note that he worked directly with Bill Gates and Steve Ballmer.

After Microsoft, Murray shifted toward hands-on philanthropy and impact investing. He co-founded Unitus in 2000/2001 to accelerate microfinance institutions and later became a founding investor in Unitus Seed Fund, now Unitus Ventures. He has also served as co-founder and past chairman of Unitus Labs and chairman of Unitus Investment Management.

Investment Thesis & Focus

  • Murray's work centers on market-based poverty alleviation: he has emphasized self-reliance, microfinance, and scalable models rather than one-time aid.
  • He has described his philanthropy as "more aligned to a venture fund than a grantmaking foundation," because he wanted to be proactive, hands-on, and focused on a small number of projects he could know deeply.
  • Crystal Springs Foundation has supported children's issues, microfinance development, and humanitarian services with large, multi-year grants.
  • Through Unitus Ventures, Murray backed seed-stage companies serving low-income consumers in India. Unitus described the target as "for-profit scalable companies" providing economic self-reliance, education, and basic necessities to people at the base of the economic pyramid.
  • Murray said of Unitus Ventures: "Our next effort is to demonstrate the efficacy of using equity investing in scalable for-profit companies that serve the same low-income customers."
  • Capria identified Murray and Crystal Springs Foundation as active impact investors in India-focused early-stage impact venture funds, including Unitus Equity Fund, Elevar Equity Fund II, and Unitus Ventures.

Notable Investments

  • Unitus Ventures / Unitus Seed Fund: Founding investor in the seed-stage impact fund focused on base-of-pyramid startups in India.
  • Capria Ventures: Crystal Springs Foundation's latest listed investment in CB Insights was a Seed VC investment in Capria Ventures in February 2016, alongside Aarin Capital, Bill Gates, Lemelson Foundation, and Unitus Labs.
  • Unitus Equity Fund: Cited by Capria as one of Murray/Crystal Springs Foundation's India-focused early-stage impact fund investments.
  • Elevar Equity Fund II: Cited by Capria as another India-focused impact fund investment by Murray/Crystal Springs Foundation.
  • Hippocampus Learning Centres: Unitus Seed Fund portfolio company providing preschool and after-school education programs for rural children in India; reported follow-on funding after early Unitus backing.
  • Milaap Social Ventures: Unitus Seed Fund portfolio company operating a microlending platform.
  • Bodhicrew Services: Unitus Seed Fund portfolio company focused on employability and skills learning.
  • Villgro / Villgro Innovation Marketing: Unitus Seed Fund portfolio company focused on last-mile rural distribution of affordable, high-value agriculture and technology products.
  • Pro Mujer Mexico: Early Unitus-funded microfinance project; Synergos reported Unitus funded it with $1.9 million, including $1.5 million for loans.
  • SKS Microfinance: Early Unitus partner in India, selected for its potential to scale service to hundreds of thousands of women.

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