The two Republicans running for governor of Massachusetts have tapped their business connections for tens of thousands of dollars since launching their campaigns in attempts to shore up their bank accounts during the early days of the 2026 election, according to state data.

Mike Kennealy, a former state housing and economic development secretary, and Brian Shortsleeve, a venture capitalist, have turned to executives from top companies in the country, attorneys at high-end firms in Boston, and CEOs of New England’s biggest businesses.

The data makes clear that each man is focusing on wealthy or connected business associates or friends who can help them build campaign war chests large enough to compete with the $3.6 million Gov. Maura Healey has so far stashed away to compete in next year’s governor’s race.

Wendy Wakeman, a Republican political strategist in Massachusetts who is not involved with either campaign, said it is no surprise that the two candidates have turned to people they know to beef up their bids for governor.

“They’re getting contributions from people they’ve worked with in the past on either side — either on the sell side or the buy side, as they say in investment lingo. They’re turning to people they know, people who believe in them for a lot of reasons, and that’s unsurprising,” Wakeman told the Herald.

Both Kennealy and Shortsleeve have deep business roots.

Brian Shortsleeve

Shortsleeve is a longtime investor who co-founded M33 Growth, which describes itself as a venture firm that partners with “founders and CEOs … to help them rapidly scale their companies and succeed in their respective markets.”

He was also the head of the MBTA for a handful of years under former Gov. Charlie Baker, a Republican, and credits himself with helping get the Green Line Extension project back on track and renegotiating a contract with a Chinese company for new train cars.

The 52-year-old from Barnstable has amassed more than $442,000 in campaign cash by the end of June, including thousands from his business contacts, state data shows.

He has pulled in money from chief executive officers, bankers, business executives, consultants, investors, lawyers, former politicians, and other venture capitalists, according to data from the Office of Campaign and Political Finance.

Shortsleeve has also received donations from an employee of M33 Growth and executives at some of the companies the investment firm has worked with and where he serves as a board member, according to state records and his online resume.

Mike Anello, another co-founder at M33 Growth, donated $1,000 to Shortsleeve in May, as did Ryan Kubacki, CEO of the Illinois-based software company Contruent, according to Massachusetts records.

Shortsleeve was a member of Contruent’s board from October 2021 to December 2024, his online résumé shows, and M33 Growth lists the company on its website.

In an interview with the Herald, Kubacki said he met Shortsleeve when the two were teenagers, later became college roommates at Harvard University in the 1990s, and eventually joined together to form Contruent, a software that helps manage large-scale construction projects.

Kubacki said that for those who have known Shortsleeve for a long time, it was no surprise he wanted to run for higher political office in Massachusetts.

“He’s always focused on service,” Kubacki said by phone. “It’s not inauthentic with him. It’s just who he is. Look at his whole life. He’s always been the class president, or in our dorm, he was the guy who was rallying people around to figure out how to create experiences for everybody. He cares about his community. He cares about his people.”

John Davagian, the CEO of the manufacturing software company L2L where Shortsleeve was a board member from 2020 to 2024, contributed $1,000 to his gubernatorial campaign, according to state records.

Tim Nguyen and Veronica Nguyen, the CEO and executive vice president of the California-based financial software company BeSmartee, each donated $1,000 to Shortsleeve. Shortsleeve sits on the company’s board, and M33 Growth lists them on its website.

Executives at some of the largest companies in the country have also donated to Shortsleeve.

He pulled in top-dollar donations in May from Niraj Shah, the co-founder and CEO of Wayfair, and local billionaire Ernie Boch Jr., according to state data.

Bradley Crate, the president of Red Curve Solutions, a well-known campaign finance compliance firm based in Beverly, donated $1,000 in May, as did Christine Abramo, a market president at BNY Mellon, the massive New York-based financial services company, state records show.

Holly Robichaud, a political strategist working for Shortsleeve, said the “people who know him best strongly believe that he has the character, leadership ability, and vision not simply to defeat Maura Healey, but reverse the economic carnage of her tenure as governor.”

“They want a governor who will restore affordability, fiscal responsibility, and common sense to the Commonwealth, and that’s what Brian’s career as a Marine Corps Veteran, successful business leader, and proven government reformer has shown he can do,” Robichaud said in a statement to the Herald.

Mike Kennealy

Kennealy served as the secretary of housing and economic development for four years under former Gov. Charlie Baker, a Republican.

He also spent 15 years in private equity with the firm Spectrum Equity, where he says he helped grow the business from $360 million in assets under management to $4.7 billion.

The 57-year-old from Lexington has drawn donations from long-time friends in the investment world as well as from lawyers, business executives, people working in real estate, and even the head of one of the largest companies in the world.

Chris Kempczinski, the board chairman and chief executive officer of McDonald’s, donated $1,000 to Kennealy in June, according to state records. Shah, the co-founder and CEO of Wayfair, and Boch also handed Kennealy $1,000 last month, data shows.

At least 10 lawyers at the national law firm WilmerHale, where Gov. Maura Healey once worked as a junior attorney, have contributed varying amounts to Kennealy in April and June, including eight at the $1,000 state limit, according to campaign finance records.

Isaac Kato, a venture capitalist from the Seattle area with the firm Two Ravens and a decades-long friend to Kennealy and his family, also donated $1,000 to Kennealy in May. Kato said he met Kennealy while the two attended a graduate program at Harvard Business School.

Kato said he has not worked with Kennealy professionally, but from knowing him for years, he “just can’t imagine anybody who cares more about the Commonwealth.”

“I had no hesitation making a donation. And if I lived there, there’s no question that he’d have my vote,” Kato told the Herald by phone. “He’s a super reasonable guy who cares, simple as that. And he’s been very, very effective in every role that, at least, I’ve seen him be in.”

Logan Trupiano, a spokesperson for Kennealy, said Kennealy is “honored to have the support from so many people who know him, his character, his track record, and his commitment to public service.”

“He is the one candidate with the leadership, vision, and determination to bring people together from every corner of the Commonwealth. With the already strong backing and support of the people of Massachusetts and beyond, Mike is building a broad coalition, to restore common sense, and lead Massachusetts forward,” Trupiano said in a statement to the Herald.

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