South Florida venture capital is heating up.
According to reports from eMerge Insights, so far for 2019, over $1.5 billion has been invested in 60 startups and later-stage companies in South Florida. That’s more than the $1.38 billion invested in all of 2018.
“We always envisioned Miami would be a hotbed of entrepreneurial activity, and we now have the comparative data to trace how much this ecosystem has evolved and the transformational impact we are making as a community,” added Melissa Medina, president of eMerge Americas.
Now the majority of that number was put into place by the estimated $900 million round into the SoftBank-backed REEF Technology (formerly ParkJockey), and $280 million into AR unicorn Magic Leap. But still with those numbers the Miami metro area ranks 7th in the nation.
Here are some other findings of the mid-year report: source: eMerge Insights.
South Florida startups snagged three-quarters of the state of Florida’s venture capital in dollar value and half of the deals in the first half.
Palm Beach County companies snagged the most deals in South Florida – 42% of the pie. Miami-Dade startups took 38% and Broward drew 20%.
Florida is also in record-setting territory with more than $2 billion invested in 117 startups throughout the state. Like in South Florida, three quarters of the dollars were from mega-rounds: In addition to the REEF and Magic Leap rounds, Clearwater’s KnowBe4 raised $300 million in the first half.
South Florida’s top venture industry sector was healthcare. Health-tech, medical device and life science companies encompassed a third of the deals in South Florida, up from 23% for all of 2018. Recently, Startup Genome also identified healthcare as a significant sector for South Florida’s ecosystem.
About 63% of the 2019 South Florida deals so far have been angel and seed stage, about the same rate as in 2018, and significantly higher than the rate nationally.