North Louisiana-based angel fund New Louisiana Angel Fund 1 closed 2016 with 10 companies funded and three follow-on investments.
The fund, at $2.6 million, is expected to be fully committed by the middle of 2017, said BRF CEO and President John F. George Jr., M.D.
Sidecar investments, which are investments made by the fund’s investors outside of NLAF 1, total an additional $1.2 million at the close of 2016.
BRF spearheaded the formation of NLAF 1 in 2014 to fill the gap resulting from a regional lack of organized investment resources for high-growth startups.
According to the Angel Capital Association, startups account for nearly all net new job creation in the United States. NLAF 1 is the first North Louisiana angel investor group and meets monthly to evaluate startups for funding.
The fund’s portfolio spans industries from biomedical to entertainment, and to technology, with applications in sports, business, medicine and oil and gas.
As NLAF 1 closes, BRF is working to launch NLAF 2, which will include several of NLAF 1’s 53 accredited investors as well as new accredited investors.
The group,…