# High-Level Overview
The Fund at Hula is a Vermont-based venture capital firm that invests in seed and early-stage technology startups with a mission to build world-class companies rooted in the state.[1][2] Founded by Russ Scully and managed by Rob Lair and Tim Wall, the fund backs scalable, innovative companies that create jobs, strengthen local economies, and deliver sustainable impact.[1] Rather than pursuing extractive business models, The Fund focuses on founders building mission-led businesses with long-term, net-positive potential for their communities and the environment.[1]
Over four years of active investing, The Fund has supported over 20 Vermont-based companies and is expanding its reach across Northern New England.[2] Beyond capital deployment, the firm provides comprehensive support through mentorship, strategic connectivity, and access to networks—positioning itself as more than a traditional venture investor but as an ecosystem builder for Vermont's emerging technology sector.[2]
Origin Story
The Fund at Hula emerged from a transformative moment of place-based vision. Russ Scully, Hula's founder, walked through the empty shell of the former Blodgett Oven Factory—now the Hula campus in Burlington—and asked a pivotal question: What if Vermont could grow world-class companies right here at home?[1] This question sparked the creation of The Fund, reflecting a deliberate commitment to proving that innovation and scalability weren't exclusive to coastal tech hubs.
The fund's establishment was grounded in addressing a genuine gap in Vermont's startup ecosystem. Rather than watching talented founders and capital flee to Silicon Valley or Boston, The Fund positioned itself as a catalyst for local economic development. The Hula campus itself became more than just office space—it evolved into a hub where family offices, venture funds, and local and regional investors converge, creating a collaborative environment that strengthens deal flow and founder support.[1]
Core Differentiators
Mission-Aligned Investment Thesis
The Fund distinguishes itself through an explicit values-based investment approach. It actively avoids "junk food empires" and extractive business models, instead prioritizing founders building sustainable solutions with net-positive environmental and community impact.[1] This filters the deal pipeline toward companies solving real problems rather than pursuing growth-at-all-costs strategies.
Integrated Ecosystem Support
Beyond capital, The Fund provides mentorship, strategic connections, and community access—recognizing that early-stage founders need more than just funding.[1][2] This holistic support model is particularly valuable in a region like Vermont, where founder networks and institutional venture experience are less developed than in traditional tech centers.
Geographic Focus and Local Rootedness
Operating from the Hula campus in Burlington, The Fund has deep local knowledge and relationships.[1] This geographic specificity creates competitive advantages in deal sourcing and founder support while maintaining a clear mission to strengthen Vermont's economy rather than extract value from it.
Collaborative Capital Structure
The Fund has partnered with the Vermont Community Foundation to create the VCF at Hula Fund, blending venture returns with charitable grantmaking.[4] This hybrid model allows philanthropic capital to participate in venture upside while channeling returns back into community development—a unique structure that aligns financial and social returns.
Role in the Broader Tech Landscape
The Fund at Hula represents a growing countermovement to venture capital's traditional geographic concentration. As remote work, distributed teams, and regional tech ecosystems gain legitimacy, The Fund is positioned at the intersection of several powerful trends: the decentralization of tech talent, the rise of climate tech and sustainable business models, and renewed interest in place-based economic development.
Vermont's emergence as a viable startup hub reflects broader recognition that innovation isn't geographically predetermined. The Fund's success in supporting over 20 companies in four years demonstrates that capital, mentorship, and founder talent can thrive outside traditional venture corridors when properly supported. This model influences how other regions think about venture capital deployment and economic development strategy.
The firm also exemplifies how venture capital is evolving beyond pure financial returns. By integrating community impact, environmental sustainability, and local economic strengthening into its investment thesis, The Fund signals that the venture ecosystem is maturing beyond the "move fast and break things" ethos toward more intentional, stakeholder-conscious capitalism.
Quick Take & Future Outlook
The Fund at Hula is well-positioned to become a model for regional venture ecosystems across North America. As climate tech, sustainable business practices, and distributed work continue reshaping where innovation happens, The Fund's combination of patient capital, mission alignment, and deep community roots creates a defensible competitive advantage.
Looking ahead, The Fund's expansion beyond Vermont into Northern New England suggests ambitions to scale while maintaining its values-based approach. The key challenge will be preserving its distinctive culture and investment thesis as it grows—avoiding the trap of becoming just another venture fund while building the scale necessary to generate meaningful returns and impact.
The broader significance of The Fund lies in its implicit argument: that venture capital can be a tool for regional economic development and community building, not just wealth extraction. As stakeholders increasingly demand that capital serve multiple constituencies, The Fund's model may prove prescient, influencing how the next generation of regional venture firms structure themselves and define success.
