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VCF Pairs Up With Hula’s Venture Capital Fund to Invest in Tech Start-Ups

The Fund at Hula, a venture capital firm that invests in seed and early-stage technology start-ups, has partnered with Vermont Community Foundation (VCF) to create a new fund, VCF at Hula. This collaboration couples two entities who share a commitment to advance economic and community development in the state. Investment returns from VCF at Hula go back into the specific charitable funds that participate, increasing their future grantmaking capacity to drive greater community impact.

The Vermont Community Foundation manages and invests donor advised and other funds for more than 900 Vermonters and Vermont organizations, primarily for the purpose of charitable giving. The new VCF at Hula fund was established to provide Community Foundation fundholders with an opportunity to invest charitable assets in growth-stage, Vermont-based companies.

VCF at Hula will prioritize investing in local startups who have the greatest potential to generate venture returns, create jobs in Vermont, advance economic activity, and make positive change with innovative solutions for their respective industries. VCF at Hula is aiming to raise $3M and is open to additional elective participation through December 15th, 2023. 

Dan Smith, CEO of the Vermont Community Foundation says, “We are excited to have the opportunity to partner with the Fund at Hula. This strategy is a key part of our growing commitment to mission investing in Vermont communities. We know that the long term vitality of the state relies upon growing innovative businesses that can foster economic resilience and the growth of good jobs, both of which are key to closing the opportunity gap. I am convinced that the ripple effect will be felt across the region.”

The Fund at Hula, launched by entrepreneur Russ Scully and CEO Robert Lair, is known for their seed, Series A, and early-stage venture investments in technology companies. The Fund has supported over 20 Vermont-based startups over the past three years, such as BETA Technologies, Benchmark Space Systems, Coremap Medical, and many others. The Vermont Community Foundation’s mission is to inspire giving and bring people and resources together to make a difference in Vermont. The Community Foundation and its partners put more than $60 million annually to work in Vermont communities and beyond.

Hula is a technology-driven coworking space, business incubator, and venture capital firm focused on elevating Vermont-based startups and entrepreneurs. The Fund at Hula supports innovative founders and disruptive technology through mentorship, connectivity, and access to capital. The fund primarily makes seed, Series A, and early-stage venture investments in technology companies that span sectors, including green technology, medical technology, artificial intelligence, software-as-a-service, and battery technology. The Fund has supported 20+ Vermont-based companies over the past three years. With increased venture activity in the northeast, The Fund is now investing more broadly across Northern New England.

The Community Foundation was established in 1986 as an enduring source of philanthropic support for Vermont communities. A family of more than 900 funds, foundations, and supporting organizations, they make it easy for the people who care about Vermont to find and fund the causes they love. The Community Foundation and its partners put more than $60 million annually to work in Vermont communities and beyond. The heart of the Community Foundation’s work is closing the opportunity gap—the divide that leaves too many Vermonters struggling to get ahead, no matter how hard they work.  

Source: VermontBiz

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