Comet Foundation

The Comet Foundation is a private independent foundation established in 2021 by Langley Steinert and Hilary Steinert, based in Boston, MA. Langley Steinert is a prominent tech entrepreneur who co-founded TripAdvisor in 2000 (sold for $210 million in 2004) and subsequently founded CarGurus in 2006, building it into the second-largest car-shopping site in the United States. The foundation operates from 1 Joy Street, Boston, MA 02108, with both trustees serving without compensation. The Comet Foundation (also referred to as the Steinert Family Foundation in some filings) pursues a concentrated grantmaking strategy with relatively few but significant grants, strongly oriented toward elite higher education institutions (Harvard, Princeton, Dartmouth) and major healthcare organizations (Massachusetts General Hospital). The foundation's website domain (cometfoundation.com) is currently listed for sale, indicating the foundation operates without a public web presence — consistent with a private, relationship-driven approach to philanthropy. Applications are accepted in writing with supporting materials for trustee consideration, but there is no formal open application process.

The Comet Foundation has grown rapidly since its 2021 establishment, with assets increasing from $6.6M to $14.2M in just three years. In 2024, the foundation received $4.64M in contributions (88.3% of $5.25M total revenue), indicating the Steinerts actively fund the foundation from personal wealth rather than relying on investment returns. Additional revenue came from asset sales ($461K) and dividends ($150K). Charitable disbursements of $3.37M represented 96.9% of total expenses of $3.47M, with zero officer compensation. The foundation made 12-14 grants in 2024, with an extremely top-heavy distribution: Massachusetts General Hospital received $2M (59% of all giving), Harvard College received $500K, and Princeton University received $500K. Dartmouth College received three separate grants totaling $337.5K. Together, the top four institutional recipients accounted for 99% of all giving. The remaining grants ($1K-$50K) supported community organizations like Gasparilla Island Conservation, The Wily Network, Concord Free Public Library, and Compassionate Care ALS. This pattern reveals a classic "alma mater + major institution" giving pattern common among tech entrepreneur foundations.

The Comet Foundation is a young, rapidly growing foundation in the Boston philanthropy landscape. Its giving-to-asset ratio of approximately 23.7% is exceptionally high, driven by ongoing contributions from the founders rather than endowment spending. Compared to established Boston-area tech/business foundations like Barr and Fidelity, Comet is small but punches above its weight in per-grant size — the $2M MGH grant and $500K university gifts place it among serious institutional donors. The concentrated grant pattern (4 recipients getting 99% of funds) is characteristic of early-stage family foundations that have not yet formalized a broader grantmaking program. The foundation's trajectory suggests it may evolve toward either a more diversified giving portfolio or an even deeper concentration in healthcare and higher education.

In 2024, the Comet Foundation distributed $3.37M across approximately 14 grants, with Massachusetts General Hospital receiving the flagship $2M award for healthcare services. Harvard College and Princeton University each received $500K, while Dartmouth College received three separate grants totaling $337.5K (likely reflecting different campaign/program designations). Pingree School in South Hamilton, MA received $125K, suggesting a personal connection to the independent school. Newer additions to the portfolio include Gasparilla Island Conservation ($50K, in Boca Grande, FL — a known Steinert vacation area), The Wily Network ($30K, supporting formerly homeless college students in Newton, MA), and Compassionate Care ALS ($1,030, in Falmouth, MA). The foundation received $4.64M in new contributions in 2024, growing its asset base despite heavy distributions. The website domain cometfoundation.com is now listed for sale at $8,588, suggesting the foundation has consolidated its operations and no longer maintains a public web presence.

1. This is a private, relationship-based foundation: With no active website and no published application process, cold applications are unlikely to succeed. The foundation accepts written applications, but the concentrated giving pattern suggests grants go primarily to institutions the Steinerts have personal connections with. 2. Institutional alignment is key: 99% of giving goes to four institutions (MGH, Harvard, Princeton, Dartmouth). Organizations seeking funding should identify connections to the Steinerts through these institutional networks — alumni associations, hospital boards, university development offices. 3. Leverage the tech entrepreneur network: Langley Steinert is a prominent figure in Boston tech (TripAdvisor, CarGurus, Tuck School of Business at Dartmouth). Organizations that can reach the Steinerts through tech industry, Dartmouth, or Boston business community connections have the strongest path to consideration. 4. Smaller community grants are possible: While headline grants are $250K-$2M, the foundation also makes $1K-$50K grants to smaller organizations (Wily Network, Concord Free Public Library, Compassionate Care ALS). These appear driven by personal interest or local community connection (Concord, MA area). 5. Submit written proposals to: Comet Foundation, 1 Joy Street, Boston, MA 02108, Attn: Langley Steinert and Hilary Steinert, Trustees. Include compelling materials and any personal connections in your cover letter. There is no online portal or published deadline.