Startup Fund Impact Report Points to Significant Returns
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, and strengthen the regional economy,” said Jimmy Roussel, the organization’s CEO. “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 nonprofit 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.