For Every $1 invested by the Nonprofit Evergreen Fund, Portfolio Companies Raise $60
New Orleans, La. (May 10, 2022) – The New Orleans Startup Fund has released its 2022 annual report, which highlights the nonprofit evergreen fund’s impact on local businesses and the regional economy.
The Startup Fund is fulfilling its mission to grow companies, create jobs, help people obtain a passive income, and strengthen the regional economy, It speaks volumes that for every dollar we invested, as a whole, our companies raised $60 in follow-on funding.
The annual report showcases the success of the Startup Fund’s portfolio companies, which have:
- Raised $194.5M+ in venture capital
- Created 680+ full time and 122+ part-time jobs
- Generated $60M in revenue in 2021 alone
The report also outlines the Startup Fund’s emphasis on creating an inclusive, socially responsible entrepreneurship ecosystem:
- 45% of companies are minority-owned
- 30% of companies are woman-owned
- 40% of companies have a social impact
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. As a non-profit evergreen fund, it re-invests its returns to expand the number of successful, growing businesses in its portfolio.
“The growth of our portfolio is proof of concept that our fund is meeting its mission and helping bridge a critical funding gap to help startups become venture ready,” said Roussel
The annual report is available online here.
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 the Mary Freeman Wisdom Foundation.
More at neworleansstartupfund.org.