Louisiana Growth Fund Fuels Startup Expansion Across the State

Louisiana’s startup scene is getting a boost from the state’s first government-backed venture capital fund, which is already helping local entrepreneurs scale their businesses and keep operations in-state.

The Louisiana Growth Fund, launched earlier this year as part of Louisiana Innovation, is investing federal and partner dollars into promising young companies. With $50 million in federal funding and another $50 million in commitments from LED partners, the fund is designed to accelerate growth in technology and high-potential industries.

At a roundtable hosted Monday by Louisiana Economic Development (LED), Secretary Susan Bourgeois and Anna deTiege, LED’s director of innovation capital, highlighted early success stories from fund recipients. Among the first companies to benefit is Pet Krewe, a New Orleans-based pet food and costume company founded by Allison Ward. What began as a side project to fill COVID-era empty shelves has grown into the second-largest cat food brand sold at Walmart. Ward credits the Growth Fund with giving her the resources to scale. “To this day, we’re the only company in the U.S. that’s servicing this huge market,” she said.

Other businesses featured at the roundtable include Codegig, a tech solutions firm founded by Southeastern Louisiana University graduate Kellen Francois, which is building talent pipelines with LSU graduates; 28bio, a neurotechnology company spun out of Tulane University, now selling to pharmaceutical firms nationwide while maintaining its Louisiana research hub; and hampr, a Lafayette-based laundry app, which leveraged Growth Fund investments alongside state digital media tax credits to expand operations. Together, these four companies represent $3.3 million in Growth Fund investments. DeTiege noted that $6 million in commitments are already made, with another $4 million expected by year’s end.

DeTiege said the Growth Fund signals a broader commitment to supporting Louisiana-based innovation. “We’re showing that Louisiana is not just open for business. We’re investing in our own future.” That commitment includes fostering collaboration among entrepreneurs. “Some of these industries are scaling at a rate that’s higher in Louisiana than has ever happened previously,” deTiege said. “Helping each other along the way is super helpful.”

The roundtable also underscored the importance of local support networks. Lafayette incubator Opportunity Machine executive director Destin Ortego noted that hampr founder Laurel Hess returned to Louisiana after a brief move to Austin. “She felt like the capital will come, but the support is by far more important for me at that stage,” he said. For Jennifer Perkins of 28bio, Louisiana’s research depth and cultural roots have been central to staying in the state. “There’s a deep sense of historical knowledge as well as culture that feeds into our organization,” she said. Francois of Codegig said the Growth Fund is helping him train new Louisiana talent that could eventually launch companies of their own. “They’re getting coached and grown,” he said. “So when we exit, maybe they’ll start their own company.”

With 20 companies already receiving Growth Fund support, and no cap on participation, LED officials say the program will continue to grow as additional commitments are made. By pairing financial capital with mentorship and collaboration, the Louisiana Growth Fund is positioning the state as more than an energy and manufacturing hub — it’s also a place where technology, life sciences, and innovation can thrive.