The New Orleans Startup Fund is a nonprofit evergreen seed fund that invests in early-stage, innovative business. Their mission is to create jobs and economic prosperity for the 10-parish Greater New Orleans region by providing seed capital and business assistance to early-stage firms that demonstrate significant growth potential.
An annual report detailing the Startup Fund’s latest updates is now available. Recent additions to the Startup Fund portfolio include Block Lawncare, Gilded Finance, SampleChain, and TrayAway.
“The Startup Fund is fulfilling its mission to grow companies, create jobs, and strengthen the regional economy,” said Jimmy Roussel, CEO of the Startup Fund. “It speaks volumes that for every dollar we invested, on average, our companies raised $44 in follow-on funding. It’s clear we’re filling an important funding gap for promising local startups.”
The portfolio companies have raised $44 in follow-on funding for every $1 invested by the Startup Fund, raised $118 million in venture capital, created 1,518 jobs, and generated $31.7 million in revenue in 2019.
Additionally, the report shared details about the portfolio company founders, such as 45% are minority-owned, 32 percent are woman-owned, and 32 percent have a social impact.
“Prior to the pandemic, the economy was booming, and last year marked one of the most successful in the Startup Fund’s history.”
Read the full report here.