Report: Hawaii venture capital to hit $146M

It is estimated that venture capital investments in Hawaii will reach $146.9 million in the next three years, according to a report from the Hawaii Institute for Public Affairs released Wednesday.

The report is the independent nonpartisan public policy institute's first assessment of the availability and demand for venture capital in the state.

The study found that 10 fund managers with a track record of investing in Hawaii plan to raise a combined $128 million in the next two years.

According to the report, fund managers attribute the anticipated growth to strong companies in fields like life sciences, clean tech and information technology; Hawaii's tax credits in research and development and technology; rising credibility of Hawaii-based entrepreneurs; and key infrastructures such as the Maui Research & Technology Park, the Natural Energy Laboratory of Hawaii and others.

HIPA used data and information from 27 venture funds that had some investment presence in Hawaii and 63 companies to create the report.