South Florida continues to experience growth and resilience, further solidifying its status as a hub for innovation.
Miami, FL. – March 14, 2024 – eMerge Americas, the premier technology conference and expo shaping the future of tech, released today the annual 2023 Venture Capital Insights report, providing an overview of Miami’s tech landscape over the past year. The report also highlights notable accomplishments of the local tech community, transformative trends shaping South Florida’s tech scene and data-driven insights into the ongoing growth of the city’s tech ecosystem.
Key findings from the report include:
- Florida-based companies attracted nearly $3.5 billion in investment across 673 deals.
- South Florida startups attracted $2.41 billion in investment across 393 deals.
- Startups in the Greater Miami-Fort Lauderdale metro area secured 69% of Florida’s venture capital funding and accounted for 59% of the total deals.
- South Florida’s climatetech sector secured $263 million across 31 deals, the one sector to experience significant activity growth in 2023.
- Funding for AI companies saw a substantial rise, with 56 receiving investment compared to 26 in the first half of 2023
- Miami ranked 7th in the nation for the number of venture capital deals.
“Reflecting on the accomplishments of 2023, it’s clear that the South Florida tech community remains well-positioned to continue to grow and thrive,” said Melissa Medina, President and CEO of eMerge Americas. “Despite economic challenges in 2023, the South Florida startup ecosystem continued to show resilience. This investment activity underscores the region’s position as a growing hub for innovation and entrepreneurship.”
Fueled by a diverse and dynamic entrepreneurial ecosystem, the region is poised to continue driving innovation, creating employment opportunities and making significant advances in tech both locally and globally, particulary in sectors like fintech, healthtech, climatetech and artificial intelligence.
Top findings from technology sectors include:
- Fintech
- Fintech has been South Florida’s most robust sector since 2021, and held the lead in the state’s venture capital ecosystem until 2023.
- Fintech companies attracted $577 million across 63 deals.
- 24% of South Florida dollars flowed to fintech companies.
- The average deal size for fintech companies was $9.3 million deal size.
- Healthtech
- Healthtech drew the most funding rounds in South Florida, and ranked second across industries by dollar totals.
- Healthtech companies accounted for 16% of the region’s total deals, amounting to $362 million.
- The average deal size for healthtech was $5.6 million
- AI
- Total funding for AI companies also saw a substantial increase, reaching $319 million, compared to $116 million in the first half of 2023.
- The number of AI companies funded increased significantly, with 56 AI companies receiving funding, up from 26 in the first half of 2023.
- Climatetech
- Climatetech was the one sector to experience more activity in 2023 compared to 2022, indicating a notable increase in investment and interest in climate-focused technologies in the Miami-Fort Lauderdale metro area
- Climatetech companies received $263 million in investments across 31 deals.
To explore the 2023 Annual Insights Report, please visit https://emergeamericas.com/2023-annual-insights-report/ and to learn more about eMerge Americas, please visit emergeamericas.com.
About eMerge Americas
eMerge Americas is a venture-backed platform transforming Miami into the tech hub of the Americas. The eMerge signature event, launched in 2014, is a global tech conference held annually at the Miami Beach Convention Center, attracting more than 20,000 attendees from 50 countries and over 4,000 unique participating organizations. In addition to the annual conference, eMerge organizes and hosts year-round executive summits, innovation challenges, startup pitch competitions, masterclasses, webinars, as well as publishes venture activity and investment insights reports. For the last decade, eMerge has served as a catalyst for innovation and investment across the Americas, working at the forefront of building the South Florida entrepreneurial and tech ecosystem. Visit www.emergeamericas.com for more information.
