Louisiana taps alumni networks to build regional tech ecosystem
$20M fund uses Tulane alumni network and federal matching dollars to lure startups to Louisiana
New Orleans-based 1834 Ventures launched a $20 million fund targeting Tulane University alumni nationwide, hoping to attract both investment and startups to Louisiana. The fund takes its name from Tulane's founding year but has no official university affiliation. So far, it's raised $4.4 million from 30 investors. Co-managing partners Patrick Hernandez and Evan Nicoll plan to use their alumni connections to source deals and convince companies to move operations to the state.
The Louisiana Economic Development Corporation is backing the effort through the State Small Business Credit Initiative, which provides federal matching funds for private investment. According to NOLA.com, the state has committed $5 million in matching funds to 1834 Ventures as part of a broader $113 million program supporting entrepreneurs in historically underserved communities.
The fund has already made its first two investments, both in out-of-state companies with Tulane ties. Cabana Mental Health Solutions is moving from Maryland to New Orleans, while Orion Longevity will keep its California headquarters but route its supply chain through Louisiana. The fund writes checks between $50,000 and $1 million for companies from pre-seed through Series A.
The approach combines federal dollars with university networks in a way that other states trying to compete with traditional tech centers could replicate. Whether more regions adopt similar alumni-driven strategies remains to be seen.
