New Orleans-based, African American Female-Founded Company a Model of Entrepreneurship
New Orleans, La. (May 13, 2020) – New Orleans Startup Fund portfolio company Resilia announced an $8M series A funding round yesterday, marking one of the largest series A rounds for an enterprise software company headed by an African American female founder and the highest venture capital raise by a female-founded tech company in the state of Louisiana.
“We are proud of Resilia, which is a shining star in the New Orleans entrepreneurial ecosystem,” said Jimmy Roussel, the Startup Fund’s CEO. “This is proof positive that with a little support, New Orleans-based startups can take off and compete on a national level. This is a major win for our city and region.”
Founded by serial entrepreneur Sevetri Wilson in 2016, Resilia serves a two-sided market enabling grantors like cities, private foundations, and corporations to deploy capital quickly and efficiently, while giving nonprofits expanded tools for compliance, management, training, and funding.
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. It invests seed capital promising startups, like Resilia, to help them become venture ready.
“This news underscores the significance of the role of the Startup Fund in helping grow viable companies,” said Roussel. “The Startup Fund is fulfilling its mission to grow companies, create jobs, and strengthen the regional economy.”
As a non-profit evergreen fund, the Startup Fund re-invests its returns to expand the number of successful, growing businesses in its portfolio. It recently released its 2020 annual report, which highlights the fund’s impact on local businesses and the regional economy. The report shows that, as of 2019, the Startup Fund’s portfolio companies 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
“Reslilia is a model of success for the Startup Fund, and its achievements will build upon the collective impact of our portfolio companies in Greater New Orleans,” said Roussel.
Read Resilia’s press release announcing the series A funding round here: https://www.businesswire.com/news/home/20200512005692/en/Resilia-Raises-8M-Scale-Impact-Philanthropy-Reduce
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.
Headquartered in New Orleans, Louisiana with a second office in New York City, Resilia is a SaaS platform with a human touch. Resilia’s goal is to increase nonprofit capacity and enable enterprises and grantors (cities, private foundations, corporations) that deploy billions of dollars to scale impact.
More at resilia.com.