Hard to see how this passed anybody's internal alarm that warns them of impropriety and conflict of interest. As a developer living in Hawaii that dreams of building my own company one day (and dreams of building that company in Hawaii), this doesn't look good for our ecosystem.
Cached version here: http://www.alohastartups.com/2014/07/12/wtf-mblooms-first-in...
Other writeups on this issue: http://www.hawaiiweblog.com/2014/07/10/mbloom-funds-mbloom http://www.civilbeat.com/2014/07/civil-bytes-is-there-a-conf...