Funding profile · Youth mental health
Koko
A venture backed startup that was acquired, then restarted as a 501(c)(3). The capital record splits cleanly in two: reported equity rounds in 2015 and 2016 with no Form D behind them, and five years of IRS Form 990 returns since.
Data as of September 22, 2026. Company-reported figures are labeled.
Rounds at a glance
| When | Round | Amount | Investors | Source |
|---|---|---|---|---|
| Jan 2015 | First institutional money into Koko Inc | $1.0M | Union Square Ventures; Joi Ito | Independent |
| Aug 2016 | Round close | $2.5M | Led by Omidyar Network and Union Square Ventures | Independent |
| Undated | Named on the founder’s own site | Not disclosed | Union Square Ventures; Spero Ventures | Founder-stated |
| Nov 2018 | Acquisition of Koko Inc by Airbnb | Not disclosed | Airbnb; founders joined the buyer | Independent |
| Late 2020 | Relaunch as a 501(c)(3), Koko AI Inc | Not applicable | Donors and industry partners | IRS |
| Winter 2022 | Y Combinator nonprofit batch | Not disclosed | Y Combinator | Company-stated |
| FY2021 to FY2025 | Contributions and grants | $4,928,112 | Includes a research grant from Hopelab | Form 990 |
What the filings show
Koko AI Inc · Form 990 · fiscal year ending Dec 2025, filed May 1, 2026
- Contributions
- $1,519,833 · 96.8% of total revenue
- Program services
- $16,667 · 1.1%
- Investment income
- $34,698 · 2.2%
- Executive comp
- $221,538 · 13.4% of total expenses
- Other salaries
- $358,536 · 21.7%
- Balance sheet
- Assets $1,417,330 · liabilities $103,266
- Officers
- Sarah Diane Lee (CMO) $235,544; Robert R Morris (president, secretary, CEO) $145,093; Kareem Kouddous (treasurer, CTO) $49,320
Koko AI Inc · Form 990 · fiscal year ending Dec 2024, filed Aug 27, 2025
- Contributions
- $1,462,944 · 99.3% of total revenue
- Program services
- $10,000 · 0.7%
- Executive comp
- $173,138 · 21.1% of total expenses
- Other salaries
- $0
- Balance sheet
- Assets $1,409,010 · liabilities $10,420
- Officers
- Robert R Morris $165,000; Kareem Kouddous $0; Fraser Kelton (director) $0
Koko AI Inc · Form 990 · fiscal year ending Dec 2021, filed Nov 10, 2022
- Contributions
- $366,000 · 86.9% of total revenue
- Program services
- $55,000 · 13.1%
- Compensation
- $0 to all listed officers
- Balance sheet
- Assets $350,400 · liabilities $0
- Officers
- Robert R Morris, Kareem Kouddous, Fraser Kelton
- Registry
- EIN 85-3604591 · NTEE category mental health, crisis intervention
Reading the filings
- The venture years left no Form D.Two rounds were reported in the press, $1.0M in January 2015 and a $2.5M close in August 2016, yet an EDGAR full text search returns no Form D for this company under any spelling of the name. Issuers that raise under Section 4(a)(2) rather than Regulation D file none, so the absence does not mean the money is in doubt. It does mean the only primary documents for that period are journalism.
- Revenue has quadrupled, and it is almost all gifts.Contributions went from $366,000 in FY2021 to $1,519,833 in FY2025, a factor of 4.2. Program service revenue over the same five years totals $236,167, or about 4.6% of the $5.16M those two lines add up to together.
- The expense base grew faster than the top line.FY2022 executive compensation of $275,000 was 37.6% of total expenses, implying about $731,000 of spending. FY2025 executive compensation of $221,538 was 13.4%, implying about $1.65M. Payroll below the officer line went from $31,059 in FY2022 to $358,536 in FY2025.
- The CEO is not the highest paid officer.In FY2025 the chief marketing officer was paid $235,544 against the chief executive’s $145,093. Morris’s own compensation fell from $165,000 in FY2024. That is an unusual shape for a research led nonprofit and worth a question at diligence.
- A founder left the listed board.Fraser Kelton appears as an uncompensated director in the FY2021 through FY2024 returns and not in the FY2025 compensation table. Koko’s own site lists him as an advisor, a general partner at Spark Capital and a former head of product at OpenAI.
- Paid platform partnerships are not yet visible in the numbers.A competing interest statement published in Child and Adolescent Mental Health in September 2026 states that Koko has paid partnerships with OpenAI and Character.AI. Program service revenue in FY2025 was $16,667. Either those agreements are recent, are booked as contributions, or are small.
Commercial signals
| Signal | Detail | Source type |
|---|---|---|
| Structure | 501(c)(3) since 2020, filed as Koko AI Inc, San Francisco. Prior entity Koko Inc was for-profit and was acquired in 2018. | Public record |
| Distribution | Embedded in partner platforms rather than sold as an app. Koko names Tumblr, Pinterest and Discord among partners. | Company-stated |
| AI platforms | Paid partnerships with OpenAI and Character.AI, disclosed in a 2026 journal competing interest statement. | Public record |
| Schools channel | December 2025 integration with Closegap, a K-12 check-in platform, putting Koko modules inside the school day. | Partner-stated |
| Evidence | At least eight peer reviewed papers involving Koko or its predecessor, including three randomized trials. | Public record |
| Reach | 6M+ people across 199 countries, 88% reporting the service helpful. Not independently audited, and the figure differs across Koko’s own pages. | Figures differ |
What to watch
- The FY2026 Form 990, for whether platform partnership income lands in program services or in contributions.
- Whether the FY2025 jump in non-officer salaries continues, which would mark the shift from a three person shop to a staffed organization.
- Any named institutional funder behind the contribution line, which the extracted 990 data does not break out.
- Board composition after Fraser Kelton drops off the compensation table.
The Koko story on Healthcare DiscoveryHealthcare Discovery
Related companies
Sources
- Public recordIRS Form 990, Koko AI Inc, FY2025, FY2024, FY2023, FY2022, FY2021
- Public recordEDGAR full text search, Form D, no result for this company
- Public recordCompeting interest statement naming paid OpenAI and Character.AI partnerships
- Public recordConflict statement describing Koko as a nonprofit funded by industry partners, private donors and Hopelab Ventures
- IndependentKoko raises $2.5 million to put human empathy inside every virtual assistant
- IndependentThe empathy layer, with the January 2015 investment detail
- IndependentIn 2018, Airbnb quietly acquired Koko
- IndependentHe sold his mental-health startup to Airbnb, then relaunched it as a nonprofit
- CompanyY Combinator company page, Koko, Winter 2022
- CompanyKoko home page, about page and ethical commitments
- PartnerClosegap and Koko partnership release
Compiled from IRS, SEC and other public records and published reports as of September 22, 2026. Form 990 figures are as extracted by the IRS from the filed returns and reflect the fiscal year stated. No Form D notice is on record for this company; the absence of a Regulation D filing does not by itself indicate that no offering occurred. Healthcare Venture Capital Fund holds no position in Koko. This page is not an offer to sell or a recommendation to buy any security.
