A venture fund designed to help Tulane-born startups grow in Louisiana just hit a major funding milestone.
1834 Ventures announced that, less than six months after launching, it has reached 50% of its $20 million target fund size with anchor funding from the Collins C. Diboll Foundation and the Priddy Family Foundation. Anchor investors are early backers who help a venture fund get off the ground and signal confidence to other investors.
“Reaching the halfway mark is a powerful validation of the mission we set out to pursue,” said Evan Nicoll, Co-Founder and Managing Partner of 1834 Ventures. “The confidence shown by the Diboll and Priddy Foundations reinforces our belief that Tulane’s alumni network can be a catalytic force for innovation and long-term economic growth in Louisiana.”
The fund will help Tulane-connected startups get off the ground by providing early funding and connecting founders to mentors and alumni who can help create jobs and grow companies in Louisiana.
Though unaffiliated with the university, 1834 Ventures partners closely with Tulane University’s Innovation Institute and Tulane Venture Fund to support founders emerging from the Tulane ecosystem.
1834 Ventures has also attracted strong participation from 44 investors across 14 states, most of which are Tulane alumni, helping the firm reach its halfway point ahead of schedule.
Read more here: https://news.tulane.edu/news/diboll-priddy-foundations-invest-1834-ventures-fund-reaches-halfway-mark-20mm
