A Maui-based technology fund for Hawaii early-stage startup companies announced today that it raised $10 million in its first round of funding.

The mbloom Fund 1 is a public-private partnership with Hawaii State Development Corporation and Rosemont Seneca Technology Partners, an East Coast hedge fund.

“We are excited to use mbloom Fund 1 to create economic growth for Hawaii,” said mbloom co-founder Arben Kryeziu. “Innovation happens in Hawaii, but many companies leave the island for growth opportunities on the mainland. We want to keep Hawaii startups here, giving them opportunities to develop, connect, and make a mark just like the startups in Silicon Valley.”

Kryeziu said he and his business partner Nick Bicanic created mbloom after “recognizing the need to keep great talent on Maui.” With the fund, Kryeziu and Bicanic plan to provide mentorship, strategies, and business networks that nurture and cultivate the success of new Hawaii startups.