The New Orleans Startup Fund and Propeller: A Force For Social Innovation have received a $250,000 grant from the U.S. Department of Commerce Commits to launch the Propeller Social Impact Equity Fund to invest in social entrepreneurs in the Greater New Orleans region.
“We are excited about the opportunity to offer additional equity investments to local companies, and we are thrilled to partner with Propeller, which is home to so many ventures that are solving the most pressing challenges in our community,” said Jimmy Roussel, CEO and president of the New Orleans Startup Fund.
Out of 215 applicants, the Propeller Social Impact Equity Fund is one of only 35 grantees selected through the Economic Development Administration’s (EDA) Regional Innovation Strategies (RIS) Program.
The Propeller Social Impact Equity Fund will launch next spring alongside Propeller’s 2017 Growth Accelerator, a three-month program designed to help entrepreneurs grow and scale existing business models. The Fund will be investing in the two top companies from the program.
Federal grants were also awarded to the LSU Industrial Innovation Center and Baton Rouge’s Research Park Corporation.