2023 1H Insights Report

2023 1H Insights Report

South Florida continues to shine as a global tech hub for innovation and entrepreneurship, driven by a diverse tech and startup community. Our report highlights the key trends that are contributing to this growth, including AI, healthtech, fintech, climate tech and diversity in venture capital.

Nationally, it’s been a challenging year for all. However, the South Florida ecosystem continues to show opportunity, ranking 6th in the nation for number of VC deals with $962 million invested in South Florida startups. While VC flows are becoming more cautious of their spending, we are anticipating that, by the end of year, the South Florida region will see an increase in the number of deals, albeit with smaller investments.

The world is changing and the South Florida tech ecosystem has been quick to adapt. Here are some highlights from 1H 2023:

• Startups based in the Greater Miami metro area snagged 53% of the state’s venture capital dollars and 59% of the deals.
• AI – the new kids on the block – attracted $118 million in VC dollars across 26 deals in the South Florida region.
• Healthtech, medical device, biotech/pharma and health/wellness services companies in South Florida attracted $114 million in VC dollars across 34 deals in 1H 2023, producing an average deal size of $3.7 million.
• Financial technology remained the most-active sector, securing $219 million with 23% of the venture capital dollars flowing to South Florida companies and 27% of the deals.
• 1H 2023’s top funding was Weston-based Digibee, with a $60.2 million Series B raise led by Goldman Sachs in June, bringing Digibee’s total funding to $90 million.