Photo: Tulane University via Wikimedia Commons
1834 Ventures, a US-based venture firm focused on the Tulane University ecosystem, is halfway towards its $20 million target after anchor investments from the Collins C. Diboll Foundation and the Priddy Family Foundation.
Both foundations focus on sustainable improvement in the areas of education, culture, and the arts, while the Priddy Foundation also backs programmes in human services and health.
Although individual sums were not disclosed, 1834 Ventures had already raised $4.4 million from 30 investors at launch. It now counts 44 individual investors across 14 states, primarily Tulane alumni.
1834 Ventures was launched in August last year to make early-stage investments in startups emerging from Tulane’s ecosystem. It also connects founders to mentors and alumni of the institution to support startup growth.
The fund is independent from the university but works closely with Tulane Ventures, the institution’s own $10 million seed-stage vehicle for university spinouts and startups. Kimberly Gramm, Tulane’s chief innovation and entrepreneurship officer, is an advisory board member of 1834 Ventures.
1834 Ventures has made four investments to date: smart mattress cover producer Orion Longevity; Cabana, a digital mental health platform for veterans; antibiotic resistance-focused biotech Informuta; and cancer diagnostics developer Beken Bio.
“Reaching the halfway mark is a powerful validation of the mission we set out to pursue. 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.”
Evan Nicoll, co-founder and managing partner of 1834 Ventures
The Priddy Foundation previously also provided the lead gift that enabled the creation of the Tulane Innovation Institute, which manages Tulane Ventures.
