Two Honolulu Founders Sold Their Startups in the Same Week — What It Says About Hawaii’s Growing Tech Scene

Two Honolulu entrepreneurs made headlines in the same remarkable week this spring when both closed multimillion-dollar acquisition deals, signaling a potential shift in how the mainland tech industry views Hawaii’s startup ecosystem.

Richard Matsui, founder of solar analytics company kWh Analytics, and Brent Akamine, who built wine investment platform Vinovest, both announced their exits within days of each other in April. The simultaneous success stories have sparked conversations about whether Honolulu is quietly emerging as an unlikely proving ground for tech startups.

Matsui’s kWh Analytics, which provides risk management and data analytics for solar energy projects, was acquired by New York-based renewable energy firm Cypress Creek Renewables for an undisclosed sum reported to be in the eight-figure range. The downtown Honolulu-based company had been serving utility-scale solar developers across the mainland since 2017.

“Hawaii’s unique position in the renewable energy transition gave us insights that mainland competitors couldn’t match,” Matsui said. “We understood the challenges of integrating solar at scale because we lived it here first.”

Akamine’s journey took a different path. His Vinovest platform, which allows investors to buy and trade fine wines, caught the attention of alternative investment giant Forge Global, which acquired the company for a reported $47 million. Akamine had been operating the business remotely from his Kahala home office, serving customers across the continental United States.

The Hawaii Advantage

Both founders credit Hawaii’s isolation and high costs — traditionally seen as barriers to business — as unexpected competitive advantages. The state’s geographic separation from mainland markets forced both entrepreneurs to build more resilient, efficient operations from day one.

“When you’re 2,500 miles from your nearest customer, you have to be really good at remote operations and customer service,” Akamine explained during a recent Hawaii Entrepreneur Awards ceremony at the Hawaii Convention Center. “That discipline served us well when COVID hit and everyone had to go remote.”

The acquisitions represent the largest startup exits in Hawaii since Hobnob’s sale to RingCentral in 2019 for $35 million. But unlike that consumer-facing social platform, both kWh Analytics and Vinovest operated in highly specialized B2B markets, suggesting Hawaii entrepreneurs are finding success in niche sectors where deep expertise matters more than proximity to Silicon Valley.

Local business accelerator Blue Startups, based in Kakaako, has tracked 47 startup launches from its programs since 2012, with a growing number focusing on industries where Hawaii has natural advantages: renewable energy, sustainability, and remote services.

Growing Despite Challenges

The success stories come despite Hawaii’s well-documented challenges for entrepreneurs: the highest cost of living in the nation, limited local venture capital, and a small domestic market. Both Matsui and Akamine bootstrapped their companies initially, avoiding the need for early-stage island-based investors.

“The high cost of living actually helps you develop financial discipline as a founder,” said Jenny Ching, executive director of Blue Startups. “Hawaii entrepreneurs tend to be scrappier and more capital-efficient than their mainland counterparts.”

The renewable energy sector has been particularly fertile ground for Hawaii startups, driven by the state’s aggressive clean energy mandates and real-world experience with grid integration challenges. Hawaii was the first state to mandate 100% renewable electricity by 2045, creating a natural laboratory for energy technology companies.

Matsui’s kWh Analytics emerged from this environment, initially helping Hawaii’s utilities understand the performance risks of their solar installations before expanding to serve developers across the mainland. The company’s Honolulu office employed 23 people at the time of acquisition, with many continuing under the new ownership.

What’s Next

Both entrepreneurs plan to stay in Hawaii and are already eyeing their next ventures. Matsui is exploring opportunities in battery storage analytics, while Akamine is considering a return to consumer fintech.

Their simultaneous exits could attract more attention from mainland acquirers looking for Hawaii-based companies with proven remote operations and specialized expertise. For local entrepreneurs, the message is clear: despite geographic isolation and high costs, Hawaii can produce startups that compete on the global stage.

The question now is whether these success stories will inspire a new generation of island entrepreneurs or attract mainland talent looking for Hawaii’s unique blend of quality of life and business opportunity.