Women Moving Millions, an initiative to inspire gifts of $1m (£660,000) or more to effect lasting social change by improving the lives of women and girls, has exceeded its $150m target fundraising goal to raise $176m (£116.5m).

Over a three-year period 100 women and men have each committed at least $1m each to one or more of the 145 members of the Women’s Funding Network. These gifts will support women-led solutions to issues including poverty and access to health care and education.

“Against the bleak backdrop of the global recession – women have stepped forward to raise the bar on giving to women and girls,” said Helen LaKelly Hunt, co-founder of Women Moving Millions. “This is an historic moment in the world of women’s philanthropy.”

The Women’s Funding Network is a global movement of 145 women’s foundations that raise money and make grants to create lasting social change through the advancement and leadership of women and girls.

Christine Grumm, president and chief executive of Women’s Funding Network, said “Now more than ever, at this time of crisis, investing in women is critical.”