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The New Orleans Startup Fund (NOSF) is a nonprofit 501(c)(3) evergreen seed fund established to drive economic prosperity and job creation in the Greater New Orleans region. Founded by local business and financial leaders, NOSF provides proof-of-concept and early seed capital to innovative companies within a 10-parish area. The fund has a total commitment of over $5 million and has invested more than $2 million in various startups since its inception.
Located in New Orleans, NOSF operates with a mission to support ventures that demonstrate significant growth potential. The fund aims to help these companies become venture-ready, thereby attracting further investment. Its unique structure allows profits to be reinvested back into the fund, emphasizing a commitment to regional economic development rather than traditional profit maximization.
Over the years, NOSF has played a crucial role in the local startup ecosystem, contributing to job creation and economic growth. The organization focuses on early-stage ventures, particularly those that can validate their business models and attract follow-on financing from other investors.
NOSF invests in early-stage ventures that contribute to economic growth in the New Orleans area. The fund primarily targets companies in the social sector, with a focus on those that have strong business plans and proof of concept. Investment stages include Friends & Family, Pre-seed, and Seed, with check sizes ranging from $25,000 to $100,000.
The geographic focus is on the 10-parish Greater New Orleans region, which includes Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. James, St. John the Baptist, St. Tammany, Tangipahoa, and Washington. NOSF seeks to partner with businesses that have the potential to grow significantly within five years and can plausibly reach at least $20 million in revenue.
In addition to capital, NOSF provides business assistance and guidance to its portfolio companies. This support helps startups validate their business models and enhances their growth potential, making them more attractive to later-stage investors.
Notable portfolio companies of the New Orleans Startup Fund include:
These companies exemplify the fund's commitment to supporting innovative ventures that can drive economic growth in the region. Levelset stands out as a significant success story, having been the first investment made by NOSF and later achieving a substantial exit.
Matt Wisdom (Chair) — Matt serves as the board chair of NOSF and has been instrumental in guiding the fund's strategic direction.
Jimmy Roussel (President & CEO) — As president and CEO, Jimmy has been quoted in various updates regarding the impact of NOSF on the local ecosystem and the importance of follow-on capital.
Blake J. Stanfill, Sr. (Chief Investment Officer) — Blake oversees the investment strategy and portfolio management for NOSF, focusing on early-stage ventures.
Nicole Kaufman (Operations Manager) — Nicole manages the day-to-day operations of the fund, ensuring efficient processes and support for portfolio companies.
Damon Burns (Board Member) — Damon contributes to the governance and strategic oversight of NOSF as a board member.
G. F. Gay Le Breton (Board Member) — G. F. is involved in the decision-making processes and strategic initiatives of the fund.
Courtney Williams (Board Member) — Courtney provides insights and guidance as a board member, contributing to the fund's mission.
Michael Hecht (Board Member) — Michael is a board member and executive at GNO Inc., bringing valuable experience to the fund's leadership.
Sharonda Williams (Board Member) — Sharonda participates in the governance and strategic planning of NOSF.
Peyton Bush (Board Member) — Peyton is also a board member, contributing to the fund's oversight and strategic direction.
To pitch the New Orleans Startup Fund, founders should submit their applications through the online form available at neworleansstartupfund.org/apply. The application process is open and rolling, with no specific deadlines. Founders should include a detailed business plan, proof of concept, and information about their growth potential in their pitch deck.
While there is no formal response time expectation disclosed, founders are encouraged to follow up if they do not receive a timely response. Warm introductions are not required but can be beneficial.
In 2021, the New Orleans Startup Fund celebrated the acquisition of its portfolio company, Levelset, by Procore for $500 million. This exit marked a significant milestone for NOSF, showcasing its ability to support high-growth ventures.
Additionally, Resilia, another portfolio company, announced an $8 million Series A funding round in 2020, further demonstrating the fund's impact on the local startup ecosystem.
While recent public activity has been limited, NOSF continues to accept applications and support early-stage ventures in the Greater New Orleans area.
What are the investment criteria for NOSF?
NOSF focuses on early-stage ventures located in the Greater New Orleans area. Companies should have strong business plans, proof of concept, and the potential for significant growth within five years. The fund typically invests in the Friends & Family, Pre-seed, and Seed stages.
How can I apply or pitch to NOSF?
Founders can apply through the NOSF website at neworleansstartupfund.org/apply. The application process is rolling, and there is no specific deadline for submissions.
What makes NOSF different from traditional venture capital firms?
As a nonprofit evergreen fund, NOSF reinvests profits back into the fund rather than distributing them to investors. This structure allows NOSF to focus on regional economic development and job creation, rather than solely on financial returns.
What is the typical check size for investments?
NOSF generally provides check sizes ranging from $25,000 to $100,000 for early-stage ventures.
What types of companies does NOSF avoid?
NOSF typically does not invest in idea-only products without prototypes, companies seeking over $2 million in fundraising, or businesses that do not have a proprietary advantage.
What kind of support does NOSF provide post-investment?
NOSF offers business assistance and guidance to its portfolio companies, helping them validate their business models and attract follow-on financing from other investors.
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