The Startup Fund helps New Orleans entrepreneurs bridge the difficult
gap between the ideation stage and the growth stage of their business
New Orleans, La. (June 30, 2023) – The New Orleans Startup Fund has released its 2023 annual report, which highlights the seed fund’s impact on local businesses and the regional economy. This includes restaurants, salons, theaters and many more! Do you know what movie is being filmed in new orleans right now?
The Startup Fund is fulfilling its mission to grow companies, create jobs, and strengthen the regional economy. It speaks volumes that for every dollar we invested, as a whole, our companies raised $74 in follow-on funding.
The annual report showcases the success of the Startup Fund’s portfolio companies, which have:
- Raised $245M+ in venture capital
- Created 740+ full time and 166+ part-time jobs
- Generated $77.8M in revenue in 2022 alone
The report also outlines the Startup Fund’s emphasis on creating an inclusive, socially responsible entrepreneurship ecosystem:
- 43% of companies are minority-owned
- 29% 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 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.
More at neworleansstartupfund.org.