Startup Fundraising in Hawaii: Top VCs, Key Resources, and Ecosystem Insights
Hawaii’s startup scene is rapidly evolving, attracting attention from both local and mainland investors eager to tap into the islands’ unique blend of innovation, talent, and lifestyle. For founders building companies in Hawaii, understanding the local venture capital (VC) landscape is essential to secure funding and access the networks, mentorship, and resources that can accelerate growth.
While Hawaii’s geographic isolation once posed challenges for fundraising, the state is now home to a vibrant ecosystem of investors and support organizations dedicated to nurturing high-potential startups. From Honolulu’s tech hubs to Maui’s sustainability accelerators, founders can now connect with a growing roster of VCs who understand the region’s opportunities and challenges.
This guide is your go-to resource for startup founders actively fundraising in Hawaii. It includes a curated list of the top venture capital firms currently funding startups in Hawaii, an overview of the latest trends shaping Hawaii’s startup ecosystem, and a roundup of key networking events, accelerators, and local resources available to founders.
Top VCs and Accelerators in Hawaii
Blue Startups
About: Blue Startups is a technology accelerator founded by Henk Rogers, founder of Blue Planet Software (sole agent of Tetris®). Blue Startups concentrates on helping scalable-technology companies in SaaS, travel, and sustainability compete on a global scale. Blue Startups follows the mentor-driven accelerator model, reaching networks in Hawai‘i, Asia and Silicon Valley. Blue Startups is fast becoming a nexus of entrepreneurial activity between Asia and the Continental U.S.
Mana Up
About: Mana Up is an accelerator and venture fund for Hawaiʻi-based products growing to markets globally, with the mission to increase economic opportunity and jobs for the people of Hawaiʻi. To date, 85 local companies have graduated from the six-month accelerator program that provides expansion opportunities and helps solve business challenges, and an additional 10 companies are participating in its program this year.
Elemental Excelerator
About: Elemental Impact is a nonprofit investing platform with 15 years of experience advancing innovative technology that creates lasting economic and climate benefits across communities. Through our platform, we deploy catalytic capital and provide expert services to a portfolio of 160+ companies across energy, agriculture, transportation, industry, and nature-based solutions.
HI-CAP
About: In 2022, $62 million in federal funding was secured to expand access to capital for small businesses, startups, and entrepreneurs in Hawaiʻi. The funding will be deployed over a period of seven years until 2030.
The HI-CAP program is funded by the U.S. Treasury for the State Small Business Credit Initiative (SSBCI), a part of the American Rescue Plan Act of 2021. The program is jointly managed by HTDC and the Hawai‘i Green Infrastructure Authority (HGIA). Both state agencies are attached to the Department of Business, Economic Development and Tourism (DBEDT).
Sultan Ventures
About: Sultan Ventures is a venture firm helping visionary founders build successful, long-lasting businesses by supporting them at every stage of their journey. This means we’re engaged from initial idea to long-term success. We provide pivotal resources via our network of experts and investors, while providing the hands-on expertise necessary to accelerate growth. Over the years we’ve expanded our team to meet our mission of catalyzing startup growth in Hawaii and startup hubs across the country.
Thesis: We focus on investing our own sweat equity and financial backing into each of our portfolio companies. This approach realizes a two-fold return: First, we believe that by investing sweat equity alongside entrepreneurs, we spur innovation and build entities primed for investment. Secondly, by building an educational foundation for our early stage startups, we can improve our ecosystem as well as the long term value of our equity stake.
Hawaii’s Startup Ecosystem and Growth Opportunities
Hawaii’s startup ecosystem is gaining momentum, fueled by a blend of local innovation, strategic geographic advantages, and increasing support from both public and private sectors. For founders, understanding what sets Hawaii apart—and the challenges that come with it—is key to making the most of the opportunities available.
Key Sectors Driving Innovation
Hawaii’s economy is diversifying beyond tourism, with startups emerging in clean energy, ocean sciences, agtech, health tech, and tourism technology. The state’s commitment to sustainability has made it a leader in renewable energy and environmental innovation, while its location in the Pacific positions it as a gateway to Asia-Pacific markets. Notable sectors include:
- Clean Energy & Sustainability: Hawaii’s ambitious goal to achieve 100% renewable energy by 2045 has spurred innovation in solar, wind, and energy storage technologies. Startups like Blue Planet Energy and Elemental Excelerator are at the forefront of this movement.
- Ocean Sciences & Blue Economy: With its unique marine environment, Hawaii is a hub for ocean tech and aquaculture startups, supported by organizations like the National Energy Laboratory of Hawaii Authority (NELHA).
- Agtech & Food Security: The islands’ need for food sustainability has led to growth in agtech, with companies developing solutions for local agriculture and food systems.
- Health Tech & Tourism Tech: Hawaii’s healthcare and tourism sectors are also seeing tech-driven transformation, with startups addressing telemedicine, wellness, and travel experience optimization.
Ecosystem Growth and Support
Hawaii’s startup ecosystem has seen significant growth in recent years, thanks to increased venture activity, government initiatives, and the rise of local accelerators and incubators. Programs like Blue Startups, Mana Up, and the Hawaii Technology Development Corporation (HTDC) provide mentorship, funding, and resources to early-stage companies.
The state government has also played a role, offering grants and incentives to foster innovation and attract investment. According to the 2023 StartupBlink Global Startup Ecosystem Index, Honolulu ranks among the top emerging startup cities in the US.
Unique Advantages for Founders
Building a startup in Hawaii offers several distinct benefits:
- Access to Asia-Pacific Markets: Hawaii’s location provides a strategic bridge between the U.S. mainland and Asia, making it an ideal launchpad for companies targeting international markets.
- Collaborative Community: The local startup community is known for its supportive, collaborative culture, with frequent networking events, pitch competitions, and meetups.
- Quality of Life: Hawaii’s natural beauty and lifestyle are a draw for talent and founders seeking a balanced, inspiring environment.
Challenges to Consider
Despite its strengths, Hawaii’s ecosystem faces challenges:
- Geographic Isolation: Distance from major VC hubs can make fundraising and scaling more complex.
- Talent Recruitment: Attracting and retaining specialized tech talent can be difficult, though remote work is helping to bridge this gap.
- Cost of Living: High living costs can impact both founders and employees, influencing compensation and operational strategies.
Success Stories and Momentum
Several Hawaii-based startups have successfully raised venture capital and scaled their operations. Elemental Excelerator, for example, has invested over $60 million in climate tech startups, many of which are based in or have expanded to Hawaii. Companies like Hobnob (event tech) and Adnoviv (IoT sensors) have also gained national attention and funding.
With a growing pool of investors, accelerators, and support organizations, Hawaii is poised to become a leading innovation hub in the Pacific.
How to Raise Venture Capital in Hawaii
Raising venture capital in Hawaii comes with unique opportunities and challenges. While the state’s VC ecosystem is smaller than those on the mainland, founders who understand the local landscape and leverage Hawaii’s strengths can successfully secure funding and build lasting relationships with investors. Here’s how to approach fundraising in Hawaii with confidence and strategy.
Target the Right Investors for Your Stage and Sector
Start by researching Hawaii-based VCs, angel groups, and accelerators that align with your startup’s industry and growth stage. Many local investors focus on sectors where Hawaii has a competitive edge, such as clean energy, ocean sciences, agtech, and consumer products. Review each firm’s portfolio and investment thesis—firms like Blue Startups, Elemental Excelerator, and Mana Up are known for their sector-specific focus (Blue Startups, Elemental Excelerator, Mana Up). Don’t overlook Hawaii’s active angel networks, such as Hawaii Angels often providing local startups the first institutional capital.
Build Relationships—It’s About ‘Ohana
In Hawaii, business is built on relationships and trust. Take time to connect with investors before making an ask. Attend local events, join founder meetups, and participate in community programs. Demonstrating a genuine commitment to Hawaii’s ecosystem and values—such as sustainability, community impact, and collaboration—can set you apart. Cultural respect and humility go a long way. Be prepared to share your story, your connection to Hawaii, and how your startup will benefit the local community.
Leverage Local Accelerators and Government Programs
Participating in accelerators like Blue Startups or Mana Up not only provides mentorship and resources but also signals credibility to investors. These programs often culminate in demo days attended by local and mainland VCs. Explore grants and support from organizations like the Hawaii Technology Development Corporation (HTDC), which offers funding, coworking space, and commercialization support (HTDC). Government-backed programs can help you build traction and extend your runway before raising a larger round.
Tap Into Networking Events and Pitch Competitions
Hawaii’s startup community hosts regular networking events, pitch competitions, and conferences. Notable opportunities include the Hawaii Venture Capital Summit, East Meets West Conference, and Startup Paradise Demo Days. These events are prime opportunities to meet investors, mentors, and fellow founders, and to practice your pitch in a supportive environment. Stay connected through organizations like Startup Hawaii and the Chamber of Commerce Hawaii, which frequently organize workshops and mixers (Startup Hawaii, Chamber of Commerce Hawaii).
Prepare for Unique Fundraising Dynamics
Fundraising in Hawaii can involve smaller check sizes and longer timelines compared to mainland hubs. Be ready to raise from a mix of local angels, VCs, and strategic partners. Many successful Hawaii startups combine local capital with mainland or international investors to reach their funding goals. Consider building early traction and proof points locally before seeking larger rounds from outside Hawaii. Highlighting your local support and market validation can make your startup more attractive to mainland VCs.
Overcome Common Challenges
Founders in Hawaii often face challenges such as geographic isolation, limited access to specialized talent, and higher operational costs. Address these proactively in your pitch—show how you’ll recruit talent, scale beyond the islands, and leverage Hawaii’s unique advantages (such as access to Asia-Pacific markets or sustainability leadership).
Success Stories and Local Role Models
Look to local startups that have successfully raised capital and scaled, such as Hobnob, Adnoviv, and companies supported by Elemental Excelerator. Their journeys offer valuable lessons on navigating Hawaii’s fundraising landscape and building relationships with both local and global investors.
Networking Events, Accelerators, and Resources for Startup Founders in Hawaii
Building a successful startup in Hawaii is as much about who you know as what you build. The islands offer a vibrant, close-knit entrepreneurial community with many events, programs, and resources to help founders connect, learn, and grow.
Major Networking Events and Conferences
Attending key events is one of the best ways to meet investors, mentors, and fellow entrepreneurs in Hawaii’s startup ecosystem. Some of the most impactful gatherings include:
- East Meets West Conference: Hosted by Blue Startups, this annual event brings together investors and entrepreneurs from Asia, Hawaii, and North America for panels, pitch sessions, and networking (East Meets West).
- Hawaii Venture Capital Summit: Organized by the Hawaii Venture Capital Association, this summit features top VCs, founders, and thought leaders discussing trends and opportunities in the region (HVCA).
- Startup Paradise Demo Day: A showcase for startups graduating from local accelerators, offering founders a platform to pitch to investors and the community.
- Mana Up Showcase: An annual event highlighting Hawaii-based product companies and connecting them with buyers, investors, and media (Mana Up).
Leading Accelerators, Incubators, and Coworking Spaces
Hawaii’s accelerators and incubators provide mentorship, funding, and a supportive environment for early-stage startups:
- Blue Startups: Hawaii’s premier accelerator, offering intensive mentorship, seed funding, and access to a global network (Blue Startups).
- Mana Up: Focused on consumer brands, Mana Up provides a 12-week accelerator program and ongoing support for Hawaii-based product companies.
- Hawaii Technology Development Corporation (HTDC): Offers funding programs, coworking space, and commercialization support for tech startups (HTDC).
- Manoa Innovation Center: A hub for tech startups, providing affordable office space, networking, and access to university resources (MIC).
- Elemental Excelerator: Supports climate tech and sustainability startups with funding, mentorship, and pilot opportunities (Elemental Excelerator).
Key Organizations and Entrepreneur Networks
Several organizations play a central role in supporting Hawaii’s founders:
- Startup Hawaii: A community-driven platform for connecting entrepreneurs, sharing resources, and promoting local events (Startup Hawaii).
- Hawaii Venture Capital Association (HVCA): Advocates for the local investment community and hosts regular networking events (HVCA).
- Chamber of Commerce Hawaii: Offers business resources, advocacy, and networking opportunities for startups and small businesses (Chamber of Commerce Hawaii).
- Hawaii Angels and Honolulu Angels: Local angel investor groups providing early-stage funding and mentorship.
University and Research Institution Programs
Hawaii’s universities are active in fostering innovation and entrepreneurship:
- University of Hawaii’s Office of Innovation and Commercialization: Supports technology transfer, startup formation, and commercialization of university research (UH OIC).
- PACE (Pacific Asian Center for Entrepreneurship): Offers programs, competitions, and mentorship for student and community entrepreneurs (PACE).
Online Communities and Newsletters
Stay connected and informed through online platforms and newsletters:
- Startup Paradise Newsletter: Regular updates on events, funding opportunities, and ecosystem news (Subscribe here).
- Hawaii Business Magazine: Covers local business news, including startup features and funding announcements (Hawaii Business Magazine).
- LinkedIn Groups: Join groups like “Hawaii Startups” and “Startup Paradise” to network and share resources.
Connect With Investors in Hawaii Using Visible
At Visible, we often times compare a fundraise to a B2B sales and marketing funnel. At the top of your funnel, you are finding new investors. In the middle, you are nurturing and pitching potential investors. At the bottom of the funnel, you are working through diligence and ideally closing new investors.
With the introduction of data rooms, you can now manage every aspect of your fundraising funnel with Visible.
- Find investors at the top of your funnel with our free investor database, Visible Connect and find a filtered list of Hawaii's investors here.
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