South Florida startups in 2018 attracted $1.38 billion in funding from venture capital firms that spanned the globe.
The money came from New York, Boston, Saudi Arabia, China, Latin America, Singapore, Japan, Denmark and other technology hubs, according to a new report that aims to tally investment trends and venture activity in the Miami-Fort Lauderdale metro area quarterly and annually.
The inaugural eMerge Insights 2018 Year End Report was released Tuesday by eMerge Americas, a technology platform whose annual event is expected to attract 15,000 attendees and 400 technology companies to the Miami Beach Convention Center April 29-30. It was created in partnership with Florida International University and the John S. and James L. Knight Foundation. The data was sourced from Pitchbook.
“We believe that Miami is on the cusp of something transformative and we know the data and trends back it up,” said Felice Gorordo, CEO of eMerge Americas.
A few key findings from the report:
Startups in the Miami-Fort Lauderdale-West Palm Beach metro area lured 128 funding deals in 2018
Magic Leap, an augmented reality device startup based in Plantation, attracted the lion’s share of the region’s funding last year with $963 million raised, including $461 million in a March 2018 led by Saudi Arabia’s Public Investment Fund
Miami was the top Southeast U.S. metro area for VC deal flow last year
45% of South Florida companies that received funding offered software of some type, which follows national trends, according to the report
23% are health-tech, biotech or medical device companies
18% were fintech (financial technology) companies
12% describe themselves as artificial intelligence firms
Angel investments made up nearly half of the rounds, followed by Series A rounds
The South Florida Business Journal recently released The List of South Florida venture capital deals for the four quarters ended March 31, 2019.
During the more recent time period, Pompano Beach-based Stimwave, a developer and manufacturer of micro-size injectable medical devices for neurological purposes, took the lead with a $60 million investment led by SV Health Investors.
South Florida Business Journal