Jeff Bezos is opening a tuition-free preschool for underserved children

New York(CNN Business) Jeff Bezos is opening the doors of his first preschool, the Bezos Academy.

The Amazon (AMZN) CEO announced the details in an Instagram post on Tuesday: It's the first location of a network of tuition-free preschools serving children in underserved communities spearheaded by Bezos' philanthropic arm, Day One Fund.

The new school, which will serve 3-5 years old, will be located in Des Moines, Washington, and it will open on October 17, according to Day 1 Academies Fund.

The selection process for the locations of the preschools are based on a wide range of data, the fund says, which include income levels, participation in free and reduced-cost meal programs, and gaps in access to licensed childcare providers.

The "Montessori-inspired" preschool will operate year-round, five days a week, during which "the child will be the customer." Montessori schools follow a learning approach that includes "self-directed activity, hands-on learning and collaborative play," according to the Montessori organization website.

Bezos first announced his venture into education in 2018 with the launch of the "Bezos Day One Fund", with then-wife, MacKenzie Scott. The $2 billion fund was created to finance existing non-profits serving homeless families and for a network of schools in low-income neighborhoods.

The fund includes two branches: Day 1 Academies fund, which focuses on education, and Day 1 Families, which focuses on helping homeless families. Annual leadership awards are also issued to organizations "doing compassionate, needle-moving work to provide shelter and hunger support to address the immediate needs of young families."

Worth more than $200 billion, Jeff Bezos is the world's richest person.