The former vice president of corporate development at eBay Inc. (Nasdaq: EBAY), Lorraine McDonough joined Omidyar Network, the Redwood City, California-based investment firm established by eBay founder Pierre Omidyar, as a partner, in charge of the firm’s investment management, legal and finance operations.
The firm invests in entrepreneurs who share its “commitment to advancing social good and the pace and scale the world needs today.” It focuses on “five key areas we believe are building blocks for prosperous, stable and open societies: consumer Internet and mobile; education; financial inclusion; governance and citizen engagement; and property rights.”
McDonough completed more than 40 transactions while she was vice president of corporate development at eBay, including the separation of eBay and PayPal Holdings Inc. (Nasdaq: PYPL) that was completed in 2015, after the company was pressured to do so from activist investor Carl Icahn. eBay acquired Paypal in 2002 for $1.5 billion. Some notable deals that McDonough made during her time at eBay include GSI Commerce, mobile application Where Inc., e-commerce software provider Magento Open Source, mobile payments company Zong Payments and online gift retailer The Gifts Project Group.
“My work at eBay created opportunity for millions of people to start their own businesses,” says McDonough. “Now, I get to leverage all of my dealmaking expertise and years of experience analyzing innovative business models to invest in socially-minded entrepreneurs whose businesses will create opportunity for millions of people around the world.”
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