NEW ORLEANS STARTUP FUND RELEASES 2021 IMPACT REPORT
Growth During Pandemic Shows Resilience of Region’s Startup Ecosystem
New Orleans, La. (March 31, 2021) – The New Orleans Startup Fund released its 2021 annual report today, which highlights the fund’s impact on local businesses and the regional economy during 2020. The report shows that in spite of the COVID-19 pandemic and economic crisis, startup companies in the Greater New Orleans area continued to do well overall.
“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. “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.”
The annual report showcases the success of the Startup Fund’s portfolio companies, which have:
- Raised over $155M in venture capital
- Support 460 jobs
- Generated $40M in revenue in 2020 alone
The report also outlines the Startup Fund’s emphasis on creating an inclusive, socially responsible entrepreneurship ecosystem:
- 46% of companies are minority-owned
- 32% of companies are woman-owned
- 40% 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.
The Fund was established in 2010 to support the influx of startups by providing seed capital in the absence of a local, well-established investor network. Over the past decade, an entirely new and vibrant startup ecosystem has been created in the region with tangible results for the local economy. Companies like Levelset, Kickboard, STEM NOLA and Resilia are now widely recognized names in the area and beyond.
“We’re proud to have helped so many impressive organizations get the start they needed right here at home, raising substantial capital and adding hundreds of high-paying jobs to the local ecosystem,” said Roussel.
To view the New Orleans Startup Fund’s 2021 Impact Report, visit http://www.neworleansstartupfund.org.
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 and the RosaMary Foundation.
More at neworleansstartupfund.org.