South Florida is still a good place for entrepreneurs seeking capital.
Local startups have raised $2.5 billion across 195 deals so far in 2022, according to the PitchBook-NVCA Venture Monitor second-quarter report. That includes $1.1 billion raised across 92 deals during the quarter that ended June 30 – nearly twice the amount tri-county ventures secured during the same period of 2021.
Despite concerns about economic uncertainty, deal counts were high across all stages nationally, with seed-level investment nearing a record high.
Venture capital deals "seem to be relatively unaffected thus far, particularly startups at their early stages who have been further insulated from late-stage and public market corrections," Pitchbook reports.
South Florida was the 10th most-active market for venture capital investment during the first half of the year. The San Francisco Bay area led the U.S., with $52 billion raised across 1,692 deals, followed by New York ($19.8 billion across 1,156 deals); Boston ($12.6 billion across 563 deals); and Los Angeles ($12.6 billion across 669 deals).
In South Florida, the top raises of the second quarter included:
Recurrent Ventures, a digital media company headquartered in Miami, secured $300 million in a round led by Blackstone Tactical Opportunities. That follows a $75 million capital raise last October in one of the region's largest venture deals of the year.
Material Bank, a digital architecture, construction and design materials marketplace headquartered in Boca Raton, secured $100 million in a series C fundraising round co-led by General Catalyst and Durable Capital Partners.
PayCargo, a Coral Gables-based payment firm for cargo and shipping businesses, raised $130 million in a series C round was backed by Blackstone.
Arteza, a Miami-based arts and crafts brand, raised $35 million in a funding round led by Volition Capital.
SMArtX Advisory Solutions, an asset management platform headquartered in West Palm Beach, closed a $30 million series D funding round led by Morningstar Investment Management.
Meow, a financial software company based in Miami Beach, raised $28 million in a series A financing round.
OnChain Studios, the maker of NFT-native toy and gaming platform Cryptoys, raised $26 million in a series A funding led by a16z. The funding news came after OnChain announced it will partner with Mattel to turn the toy giant's intellectual property into digital collectibles.
Nue Life, a mental wellness startup that provides ketamine-assisted therapy to patients suffering from depression, raised $23 million in a series A round led by Obvious Ventures.
Shyft, a Miami logistics company, raised $22 million in a series B financing round.
KEO World Inc., a Miami financial tech firm, raised $20 million in a growth equity round led by Montreux Growth Partners.
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