12/14/23, 6:53 PM South Florida's top startup funding deals of Q1 2023 - South Florida Business Journal

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VC funding to South Florida startups nosedived in Q1,

following national trend

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Venture Capital

VC funding fell in South Florida last quarter.

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By Ashley Portero – Senior Reporter, South Florida Business Journal

Ashle Apr 12, 2023
Porter

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Venture capital investment in South Florida companies plummeted in the first quarter of
2023.

Startups in Miami-Dade, Broward and Palm Beach counties raised about $300 million
over 72 deals, according to the Q1 2023 Pitchbook-NVCA Venture Monitor report. That's
down from $369 million the quarter before and just a fraction of the $1.2 billion that local
companies raised in the same period of 2022.

The Miami-area's startup ecosystem doubled its annual deal count from 2019 to 2022,
and still remained strong in Q1 despite the lower funding total. The region nearly
matched the deal counts of Chicago (79) and Washington, D.C. (80), demonstrating that
it is still a location where founders can secure capital.

So far U.S. startups have raised $37 billion from venture capital investors across 3,888
deals this year.

The San Francisco Bay Area continued to lead the U.S. for venture capital activity, with
$15.5 billion raised over 533 deals. It was followed by New York City ($5.1 billion), Los
Angeles ($2.3 billion) and Boston ($3 billion). Still, it wasn't all good news for the Bay
Area: For the third consecutive quarter the region accounted for less than 20% of all U.S.
deals. The collapse of Silicon Valley Bank had a significant impact on that market, a
factor that could carry over into Q2, Pitchbook reports.

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Deal activity fell across all stages and sectors during the first three months of the year.
Investments in late-stage companies were particularly affected as investors shied away
from large deals to save capital.

"This quarterly and year-on-year decline is steep enough that it is hard to contextualize,"
the report said. "Continued instability abroad, stubborn inflation rates, and several high-
profile bank failures contrasted with a bevy of positive macroeconomic indicators spread
a plume of anxiety across the markets."

Only 227 exits were completed across the U.S. in the first quarter, the lowest level since
2013. A combination of inflation and rising interest rates have diminished the valuations
of public companies, a challenge for mature startups considering initial public offerings.

In South Florida, the largest exit involved Miami-based MGO Global, a brand backed by
soccer star Lionel Messi. The company completed a $8.6 million initial public offering in
January.

Ten companies in the tri-county area completed deals above $6 million in the first
quarter, according to Pitchbook data. All but one of those ventures are headquartered in
Miami.

The top local deals were:

QuickNode, a startup that builds infrastructure to support Web3 applications, raised $60
million in a series B round led by 10T Holdings.

Cast AI, a cloud-native automation and cost management platform, raised $20 million in
a round led by Creandum.

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Roami, a vacation rental startup, raised $14 million in a series A funding round led Vigo
Capital.

Payabli, a payments technology firm closed a $12 million seed funding round led by TTV
Capital.

Knack, an educational software company, raised $11 million from investors.

Marco, a startup that facilitates cross-border trade for small- and medium-sized
exporters, completed an $8.2 million equity round led by Arcadia funds.

Sortium, a developer of Web3 entertainment technology, completed a $7.8 million seed

round.

Turntable Live, a social music platform that lets users gather and DJ in a virtual setting,
raised $7 million in a funding round led by Founders Fund and F7 Ventures.

Care Angel, the maker of a voice AI and virtual nurse assistant for patients with chronic
health conditions, raised $6.9 million from investors.

Odyssey Wellness, the maker of Odyssey Elixir, a sparkling energy drink infused with
mushrooms, completed a $6.3 million equity funding round. The Fort Lauderdale
company reports the beverage promotes brain performance and improves energy, focus
and mood.

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