5 October 2018
Propeller has announced its three inaugural investments in New Orleans social entrepreneurs through the Propeller Social Venture Fund, a $1 million loan fund operated in partnership with the Foundation for Louisiana.
Recipients Bhoomi Cane Water, Clean Course Meals, and 826 New Orleans have been approved to receive a total of $250,000 from the fund. Alongside the loans, Propeller will provide each loan recipient with technical assistance to help them meet repayments and achieve targets for financial growth and social impact. Loan applications are open on a rolling basis for eligible entrepreneurs.
The announcement was made at a Propeller luncheon presented by Capital One that brought together executives, elected officials, and city leaders to hear from Propeller’s high-growth, high impact entrepreneurs. Capital One is a longtime partner in Propeller’s work to support scalable, innovative approaches to social and environmental disparities.
Presenting entrepreneurs included Ready Responders, a Propeller venture that has raised $2.5 million in financing from firms including Kapor Capital and Founders Fund for their mobile paramedicine platform. Guests also heard from RDnote, a Propeller graduate that recently scaled to bring its nutrition-focused software to all seven hospitals in the Lafayette General Health system.
Since 2011, Propeller has incubated and accelerated 200 entrepreneurs, 71% of whom are women or entrepreneurs of color. Their ventures have created over 460 jobs and generated over $105 million in revenue and financing.
About the Propeller Social Venture Fund
The Propeller Social Venture Fund is a $1 million loan fund powered by the Foundation for Louisiana, was seeded by lead investor Living CitiesWith the support of lead investor Living Cities’ Blended Catalyst Fund, alongside other investors Reinvestment Fund, the blue moon fund, Ella West Freeman Foundation, and Patrick F. Taylor Foundation, the fund will provide loans and technical assistance to New Orleans businesses and nonprofits seeking to grow their capacity to tackle critical disparities in the water, food security, education and health sectors, with a focus on supporting entrepreneurs of color.