A north Louisiana innovation hub and economic development organization has launched its third angel investment.

BRF announced Monday that it would launch an investment fund to provide capital to entrepreneurs and investment opportunities to accredited investors.

According to BRF, the New Louisiana Angel Fund 3 (NLAF 3) will be the largest of the three New Louisiana Angel Funds at $5 million.

“NLAF’s mission is to organize capital and investment opportunities to promote high-growth startups in diverse industries that will help grow and diversify the economy of North Louisiana,” said Dr. John F. George Jr., BRF president/CEO.

BRF raised North Louisiana’s first angel fund, New Louisiana Angel Fund 1 (NLAF 1), in 2015 with $2.7 million and 53 angel investors, and the region’s second fund, New Louisiana Angel Fund 2 (NLAF 2), in 2018 with $3.1 million and 67 angels.

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“Investors benefit from a rigorous due diligence process, and our local aspiring entrepreneurs have an opportunity they’ve not had before – to pitch to accredited local investors, keeping all of this investment capital, opportunity, and talent here in this region,” George said.

BRF’s Entrepreneurial Accelerator Program functions as the business accelerator and facilitates potential investment opportunities.

Over the past eight years EAP has reviewed hundreds of opportunities for potential funding through the first two funds, with 25 companies being approved for investment.

“Members are targeting 20 companies for investment with NLAF 3,” Dave Smith, EAP executive director said. “Investors are still joining the fund, which is set to launch in early November. NLAF’s target is a high-growth technology startup in any industry, with medical and aerospace, entertainment, fintech, IT services, defense and cybersecurity, as examples. Members are looking forward to seeing innovative technology from any industry.”

These funds will go beyond Louisiana borders. According to BRF, NLAF investments and companies are local, but they plan to facilitate syndication across Louisiana and beyond.

“We’ll continue to syndicate with angel networks across the state and in other regions of the U.S. with NLAF 3,” said Julie Milam, fund manager and EAP senior financial analyst. “This practice offers fund companies additional investment and brings more investment capital into the area.”

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Makenzie Boucher is a reporter with the Shreveport Times. Contact her at mboucher@gannett.com.

This article originally appeared on Shreveport Times: BRF announces a $5 million investment fund for investors in north Louisiana