“While many businesses were hard hit in 2020, in large, our startups navigated through the tough conditions and are continuing to deliver on the Startup Fund’s vision of creating jobs and delivering a substantial and quantifiable positive economic impact in our region,” said Jimmy Roussel, CEO of the New Orleans Startup Fund.
According to the New Orleans Startup Fund, local startups were doing well overall in spite of the pandemic.
“One of the greatest indicators of the value of our nonprofit Fund is that the multiplier – the amount of money our companies raise for every dollar the Fund invests – continues to rise in the aggregate,” shared Roussel.
In 2020, the Fund’s portfolio companies raised over $155 million in venture capital, supported 460 jobs, and generated $40 million in revenue.
The New Orleans Startup Fund also focuses on creating an inclusive, socially responsible entrepreneurship ecosystem. Over the last year, the report shows that 46 percent of companies are minority-owned, 32 percent of companies are women-owned, and 40 percent of companies have a social impact mission.