THE FUND AT HULA’S ORIGIN STORY & TEAM
It all started with a walk through an empty oven factory...
Back then, Russ Scully, a serial entrepreneur, was on the board of the Burlington Business Association, looking for ways to support Vermont’s business ecosystem. At the same time, Rob Lair was working with entrepreneurs and founders at Morgan Stanley—helping startups access capital but watching too many of them leave Vermont behind for bigger markets.
One day, the two of them walked through the shell of the old Blodgett Oven factory, an industrial relic along the shores of Lake Champlain. They looked around and said to each other: What if we filled this space with the best companies in Vermont? What if we funded them? What if this place could be the catalyst?
That was the genesis of the idea.
The old Blodgett oven factory on Lakeside Avenue was renovated to become the current Hula campus
A year later, Rob and Russ visited a young startup called Beta Technologies—just two engineers and a few interns at the time—working out of the old Heritage Flight hangar. The company had ambition. So did Rob and Russ. After nine months of regular visits and diligence, they made their first investment through what would become The Fund at Hula, also bringing other early believers into the fold.
That early bet validated the thought: Vermont could grow world-class companies. But it would take intentional capital, a supportive community, and a team that knew how to back great people.
Beta Technologies played a key role in bringing The Fund at Hula team together
Building the Fund, and the People Behind It
Beta also led them to Tim Wall, who had been independently tracking the company. Well before that, Tim had unknowingly met a key future teammate through an unexpected venture—his digital-first farm. After moving back to Vermont, Tim launched a startup-style farm and began delivering veggies around Burlington. One of his early customers was Cassidy Petit (CP), who, as it turned out, worked for Russ at the surf shop, WND&WVS, next to one of the farm’s brewery pick-up points. CP became a regular—always picking up veggies with her dog in tow—and the two struck up a connection.
Not long after, Tim got a cold call from Rob asking if he’d like to come by and have coffee, following Tim’s company AdRizer’s big award from Inc. Magazine naming them the “fastest growing software company in North America.” Curious, after recognizing she worked at WND&WVS next door, he asked CP—“So what’s the deal with Rob Lair? He just hit me up on LinkedIn. Should I meet with him?”—to which she responded, “Yea! He’s awesome. You should definitely meet with him.” That intro led Tim to Rob and Russ, and soon after, to Beta.
From left to right: Russ Scully, Rob Lair and Tim Wall
As they began evaluating the opportunity, Tim quickly aligned with their values and vision leading to him joining The Fund at Hula’s third partner, bringing with him a wealth of experience as both a founder and investor—and, more importantly, a shared mindset. His ability to assess businesses, build founder trust, and bring new relationships to the table helped solidify the Fund's growing presence.
From the beginning, the Fund was never just about checks and term sheets. It was always meant to be hands-on, people-first, and mission-aligned. That’s where CP came in. She had been with Russ and Rob from their experiences together at WND&WVS, known for her scrappy energy and fierce execution. She became the fund manager, helping build internal systems and supporting the investment process as the team began backing a growing number of Vermont-based startups.
The Fund’s mission was clear: to support Vermont companies positioned to scale, create jobs, strengthen local economies, and deliver clean, sustainable solutions for communities and the environment. No interest in potato chip empires or extractive business models—just real innovation with a net-positive footprint.
The Fund at Hula supports innovative founders and disruptive tech through mentorship, connectivity, and access to capital.
Deepening the Roster
As the Fund matured, so did its needs. Jesse Curran joined the team, bringing a multidisciplinary background across finance, business development, and investor relations. But more importantly, Jesse brought heart. A ninth-generation Vermonter with a global outlook, he’s become a key figure in building relationships with portfolio founders, co-investors, and across the broader Vermont ecosystem. His instinct for connection and thoughtful approach to growth have been instrumental in helping founders feel seen and supported.
Not long after, Jenny Dalton joined to guide the Fund through its next stage, ensuring it grew with intention and stayed true to its mission. After nearly two decades in private equity and venture capital across Washington, D.C. and New York City, she was ready for something more personal—a chance to apply her financial expertise in a more community-driven environment. With trademark Texas warmth and quiet determination, she quickly became a trusted teammate—bringing essential structure, sharpening internal processes, and strengthening investor relations. Behind the scenes, Jenny is the steady engine that keeps the Fund aligned and accountable, all while nurturing the collaborative spirit that drives its mission forward.
Together, this crew doesn’t just manage a venture fund—they're building a movement.
Events like Tech Jam keep The Fund at Hula closely connected to Vermont's tech sector.
More Than Capital
The goal was never to become just another venture firm. It was to build an investment community rooted in Vermont values—one that helps companies thrive here. A community that ensures our best startups aren’t lured away to New York or Miami or Silicon Valley, but stay and scale in Burlington. Beyond investment, we go the extra mile by providing deep local connections—giving founders the tools, network, and support to thrive right here in Vermont.
That also means building a talent pipeline for the next generation. “We’ve always believed that students and young professionals shouldn’t have to leave Vermont to find opportunity,” says Rob. So when Vikyat Mulpuri, another Vermont native, and a student at UVM with a sharp interest in startups and venture caught our eye, we knew we wanted to get him involved. Vikyat now works alongside the team, supporting diligence, operations, and the discovery of high-potential founders. “His presence is a reminder of why this work matters—keeping smart, driven, ambitious young people here, and giving them a reason to stay.”
As Jesse put it best, “I never want to hear another kid told they have to leave Vermont to find a good job and get experience.” That principle guides so much of what we do—from who we invest in to how we collaborate with our community.
We’re proud to see that belief becoming more of a reality every year.
About the Author: Vikyat Mulpuri is a Vermont native with passions for the intersection of product, technology, and business in the realm of entrepreneurship and venture. He is currently working at The Fund at Hula while studying Computer Science at the University of Vermont's College of Engineering and Mathematical Sciences.
