The New Orleans BioFund has crossed the $2 million mark in investments, announcing support for two companies that lift its tally to 12 southeast Louisiana businesses that have created more than 135 jobs in industries ranging from biotechnology to nutrition.
The BioFund was developed two years ago to offer startup capital to emerging companies often considered too young or risky for traditional funding sources.
The BioFund’s latest loan recipients include two companies focused on improving health and wellness in New Orleans.
- Jack and Jake’s, a 27,000- square-foot food market being developed on Oretha C. Haley Boulevard in Central City in partnership with Alembic Community Development, will emphasize affordable fresh food and locally grown or produced products.
- Your Nutrition Delivered offers fresh, healthy meal options to residents and companies through home delivery services and refrigerated vending machines available at office break rooms and cafeterias throughout downtown.
“The goals of Jack & Jake’s and Alembic Community Development have been to support the revitalization of Central City while offering underserved residents access to fresh, affordable food options from regional producers,” said Jonathan Leit, director of Alembic’s New Orleans office. “The BioFund loan will provide critical financing to help build-out the Jack & Jake’s Public Market, which will open this fall and will employ approximately 65 full- and part-time team members.”
“With support from the BioFund, we’re installing six new fresh coolers in buildings and hospitals in New Orleans,” said Your Nutrition Delivered CEO Erik Frank. “This will give more than 1,000 employees new healthy food options at their workplace, positively impacting the wellness of New Orleanians through healthy, affordable and convenient meals.”
The BioFund is administered by the New Orleans BioInnovation Center, a nonprofit technology business incubator focused on fostering entrepreneurship and supporting biomedical and clean technology innovation in southeast Louisiana.
The BioFund program provides investments that help small businesses bridge critical funding gaps and allow companies to better position themselves for growth and success.