In a Monday afternoon round-table discussion, state economic development officials formally announced the first four companies to receive investments through the newly launched Louisiana Growth Fund.
The growth fund is an initiative of Louisiana Innovation, or LA.IO, a new division of Louisiana Economic Development that was launched at the Super Bowl LIX Innovation Day event in New Orleans earlier this year. It’s designed to keep promising startups in Louisiana by supplying the capital they need to scale without leaving the state.
The fund provides investments between $250,000 and $1 million to high-growth, scalable Louisiana startups (or startups that are willing to relocate to Louisiana). Every dollar a startup raises privately is matched with a dollar in public capital, up to the aforementioned $1 million.
The first four companies to receive investments through the Louisiana Growth Fund have been awarded a combined $3.3 million. They are:
- 28bio, a New Orleans-based neurotechnology firm that engineers human brain organoid models to improve the ability to predict which therapies will work in humans.
- CodeGig, a software firm with an office in Baton Rouge that leverages artificial intelligence and machine learning to help industrial companies predict and monitor their carbon emissions and track their tax credit incentives.
- Hampr, a Lafayette-founded app-based on-demand laundry service that picks up, washes, folds and returns customers’ laundry via contracted “washrs.”
- Pet Krewe, a New Orleans-based pet products company originally known for pet costumes that is now expanding its portfolio to include affordable and healthy pet food.
LA.IO Director of Innovation Capital Anna deTiege told Daily Report that the $3.3 million invested so far is just the beginning, as there are already 16 other companies in the growth fund’s pipeline.
“It’s not just about four investments,” deTiege said. “It’s about building momentum.”
While deTiege and LED Chief Innovation Officer Josh Fleig are the growth fund’s architects, LED Secretary Susan Bourgeois said she stands ready to assist by helping to shape the policy that will make it easier for companies to stay and scale in Louisiana.
“Anna and Josh are the experts in this space, but where I feel I can have some influence is in the policy discussions around how we change the environment in Louisiana to make that next phase, that next challenge or that next piece surmountable,” Bourgeois said.
