Vermont Community Foundation launches venture capital fund at Hula |
BURLINGTON — The Fund at Hula, a venture capital firm that invests in seed and early-stage technology startups, has partnered with Vermont Community Foundation 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 advice 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 that have the greatest potential to generate venture returns, create jobs in Vermont, advance economic activity, and make positive changes with innovative solutions for their respective industries. VCF at Hula is aiming to raise $3M and is open to additional elective participation through Dec. 15, 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.