Summary:
The Louisiana Growth Fund has invested $3.3 million in its first four startups to keep innovation local.
Startups receive $250,000 to $1 million with dollar-for-dollar matching of private capital.
Recipients include 28bio (neurotech), CodeGig (AI for emissions), Hampr (laundry app), and Pet Krewe (pet products).
There are 16 more companies in the pipeline, signaling strong growth potential for Louisiana's economy.
Fund aims to retain and scale startups in Louisiana, supported by state economic development policies.
Introduction to the Louisiana Growth Fund
In a recent round-table discussion, state economic development officials announced the first four companies to receive investments from the newly launched Louisiana Growth Fund. This initiative is part of Louisiana Innovation (LA.IO), a division of Louisiana Economic Development, designed to keep promising startups in Louisiana by providing essential capital for scaling without leaving the state.
How the Fund Works
The fund offers investments ranging from $250,000 to $1 million to high-growth, scalable startups based in Louisiana or those willing to relocate. A key feature is the dollar-for-dollar matching of private capital with public funds, up to $1 million, ensuring startups can accelerate their growth.
Meet the First Four Recipients
- 28bio: A New Orleans-based neurotechnology company that engineers human brain organoid models to enhance the prediction of effective therapies for humans.
- CodeGig: A software firm with a Baton Rouge office that uses artificial intelligence and machine learning to help industrial companies predict and monitor carbon emissions and track tax credit incentives.
- Hampr: Founded in Lafayette, this app-based on-demand laundry service picks up, washes, folds, and returns laundry through contracted "washrs."
- Pet Krewe: Based in New Orleans, this pet products company, originally known for costumes, is expanding into affordable and healthy pet food.
Future Prospects and Leadership Insights
So far, the fund has invested a combined $3.3 million in these startups. Anna deTiege, LA.IO Director of Innovation Capital, emphasized that this is just the beginning, with 16 other companies already in the pipeline. "It’s not just about four investments," she said. "It’s about building momentum."
Josh Fleig, LED Chief Innovation Officer, and deTiege are the architects of the growth fund, while LED Secretary Susan Bourgeois is focused on shaping policies to improve the business environment in Louisiana, making it easier for companies to scale and thrive.
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