NEW ORLEANS STARTUP FUND RELEASES 2020 IMPACT REPORT
Evergreen Fund Meets Mission to Create Jobs and Regional Economic Growth
New Orleans, La. (April 8, 2020) – The New Orleans Startup Fund released its 2020 annual report today, which highlights the fund’s impact on local businesses and the regional economy.
“The Startup Fund is fulfilling its mission to grow companies, create jobs, and strengthen the regional economy,” said Jimmy Roussel, the Startup Fund’s CEO. “It speaks volumes that for every dollar we invested, on average, our companies raise $44 in follow-on funding. It’s clear we’re filling an important funding gap for promising local startups.”
The annual report showcases the success of the Startup Fund’s portfolio companies, which have:
- Raised $118M in venture capital
- Created 1,518 jobs
- Generated $31.7M in revenue in 2019 alone
The report also outlines the Startup Fund’s emphasis on creating an inclusive, socially responsible entrepreneurship ecosystem:
- 45% of companies are minority-owned
- 32% of companies are woman-owned
- 32% of companies have a social impact
As a non-profit evergreen fund, the Startup Fund re-invests its returns to expand the number of successful, growing businesses in its portfolio. With capital generated through exits, the Fund recently invested in a number of new companies, including Block Lawncare, Gilded Finance, SampleChain, and TrayAway.
The Startup Fund was established after Hurricane Katrina to support the influx of startups by providing seed capital in the absence of a local, well-established investor network. With the coronavirus pandemic mounting and the threat of a protracted economic recession looming, Roussel says the Startup Fund will carry on its work to provide support that local entrepreneurs need during this difficult time.
“Like the entrepreneurial spirit that defines New Orleans’ post-Katrina era, I’m confident that the talent, innovation, culture, and resilience of our community will help us get through this challenging time as well,” said Roussel. “The Startup Fund and our partners at GNO, Inc. are working with our portfolio companies and PowerMoves.NOLA entrepreneurs to give them advice and tools to help weather this storm.”
About the New Orleans Startup Fund
The New Orleans Startup Fund is a non-profit 501(c)(3) evergreen seed fund established by business and financial leaders in the Greater New Orleans area, and originally incubated by Greater New Orleans, Inc., to accelerate the growth of early-stage, innovative businesses into venture-ready companies. The Startup Fund’s 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.
The Startup Fund’s success is made possible with the generous support of the W.K. Kellogg Foundation, the RosaMary Foundation, and Verizon.
More at neworleansstartupfund.org.