It's been a busy summer for South Florida technology startups.
Ventures across the tri-county area continued to attract attention – and capital – from investors in June, July and early August, despite an overall funding dip among U.S. startups nationally. It followed a strong first half of the year, when local companies raised $2.5 billion across 195 deals.
South Florida was the 10th most-active market for venture capital investment between January and June, according to data from PitchBook. The San Francisco Bay area led the U.S., with $52 billion raised, followed by New York ($19.8 billion); Boston ($12.6 billion); and Los Angeles ($12.6 billion).
Here are some of the deals you may have missed this summer:
- In June, PayCargo, a payment firm for cargo and shipping businesses based in Coral Gables, raised $130 million in a series C round backed by Blackstone. At the CEO Eduardo Del Riego said the partnership would make it possible for the startup to expand domestically and internationally. PayCargo's technology facilitates payments for companies in the ocean, air, trucking and rail industries, resulting in faster paydays and quicker cargo releases for businesses.
- Trend, a startup that connects brands with social media influencers and content creators, has plans to scale in Miami Beach after securing $3 million in investor capital in July. The pre-seed funding round was led by venture capital firm Flybridge, with participation from Techstars Ventures and Black Ambition, a nonprofit founded by singer and entrepreneur Pharrell Williams.
- In July, Miami blockchain security firm Halborn raised $90 million in a series A funding round led by private equity firm Summit Partners. Founded in 2019, the company identifies and fixes vulnerabilities in Web3 applications to keep them safe from hackers and cyberattacks. Halborn, which has 100 employees, reported it would use the new capital to grow its team of security engineers.
- West Palm Beach-based Blue Frontier raised $20 million in a series A equity round led by the Bill Gates-founded investment firm Breakthrough Energy Ventures. The startup is focused on reducing the carbon impact of air conditioning by cutting its electrical consumption. Blue Frontier reports its system is a replacement for packaged rooftop units that dominate the commercial building air conditioning market.
- Boatsetter, an online marketplace for boat rentals, is preparing to increase its boat inventory and enter new markets after securing $38 million in a series B funding round led by investment firm Level Equity in early August. The company powers an online network for boat owners, renters and captains, with more than 50,000 boat listings in 700 locations across the U.S., Mexico, Caribbean and Europe. Founded in 2012, the Fort Lauderdale company has 95 employees.
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