Venture Capital Fund For NO-Area Startups

A nonprofit venture capital fund is being set up to boost startup companies in the New Orleans region.

The fund is being spearheaded by Greater New Orleans Inc., a regional economic development group in southeastern Louisiana. Officials say it currently stands at $3.9 million and the target size is $7 million. The fund consists of private, state and federal funds.

Qualifying companies must be located within the 10-parish New Orleans region and must demonstrate a clear plan to grow revenue to $20 million to $50 million annually within five to seven years.

Companies that qualify could get $25,000 to $250,000 from the fund. The fund also will provided technical assistance to qualifying companies.