mbloom Announces Investments in Flikdate, OzolioPosted on Jul 14, 2014 in News
UPDATE 7/18/2014: mbloom and HSDC will jointly host a Townhall meeting to address the community’s questions around mbloom’s investment strategy.
- WHERE: The Box Jelly, 307A Kamani Street Honolulu, HI 96813
- WHEN: Thursday, July 24th, 6:30 p.m.
In a press release issued on July 7, 2014, mbloom Fund I, LP announced its investment into two companies, Flikdate and Ozolio.
HSDC and RSTP Capital, LLC, the limited partners of the fund, reviewed and approved these investments independently of Arben Kryeziu and Nick Bicanic, the managers of the fund and co-founders of the two companies. These companies were formed prior to the establishment of the fund. The ability to invest in these two companies was a strong part of the investment rationale for a private investor to commit to a Hawaii-targeted investment fund.
HSDC’s investment strategy is to work with proven Hawaii entrepreneurs who have built businesses, raised capital, and are committed to building a vibrant startup ecosystem in Hawaii. HSDC believes that these proven entrepreneurs can inspire others to start their businesses in Hawaii and attract investment capital to support these startup companies. This strategy has resulted in two accelerators, two seed stage funds and one Series A fund established in Hawaii, leveraging over $20 million of private investor capital.
HSDC’s investment in mbloom is one component of this strategy, and it resulted in the formation of a $10 million seed stage fund to invest in Hawaii technology companies.
The willingness of a private investor to make a significant commitment to a Hawaii-targeted investment fund was entirely due to the skills and experiences of Arben and Nick. HSDC is a limited partner investor in the fund and does not provide any subsidy or incentive to the private investor. Arben’s and Nick’s demonstrated experience in building and growing Hawaii based technology companies convinced the investor that there was potential in Hawaii to find and invest in globally competitive startups.
HSDC was aware of the private investor’s interest in Arben’s and Nick’s already existing businesses and worked with them to establish a fund governance process to review and evaluate related party transactions, if they were deemed appropriate for the fund. Through this process, Flikdate and Ozolio were approved for investment by the limited partners of the fund, and not by Arben and Nick.
HSDC remains committed to mbloom and supports the efforts of Arben and Nick to contribute to the development of a vibrant startup ecosystem in Hawaii.
The formation of mbloom Fund I will enable companies graduating from the accelerators and other early stage companies access to investment capital in Hawaii. In addition, the Maui-based fund provides a center of gravity to support the startup community on Maui. This has already resulted in the first Maui Startup Weekend and the first and second annual Maui Tech Nights (2013 and 2014) in partnership with MaiTai Global, a group of experienced technology executives and investors from the West Coast.