In October, there was more than $40 million in startup funding awarded.
krisanapong detraphiphat
The third quarter of the year has a notably low count of venture capital deals and a depressed amount of VC spending. But that doesn’t seem to have stopped the Tampa Bay tech scene.
In October, there was more than $40 million in startup funding awarded, three companies moved to Tampa (with one leaving), and an acquisition.
Moves to and from
- Dynabyte, a Swedish software company, opened a space in St. Petersburg to serve as its U.S. headquarters in October. The Stockholm, Sweden-based company develops software systems for companies, and it has worked with Spotify and Ikea. It officially opened the St. Pete location in September with plans to establish its customer and employee base, said Jonas Hedman, the general manager of the new U.S. branch.
The Dynabyte team is based in Stockholm, Sweden.
Jonas Hedman, Dynabyte
- Echo Bridge, a St. Petersburg-based animation studio, is refocusing its business in Korea and Japan. It’s not a permanent move, and the company will retain the St. Pete office, CEO and founder Esteban Valdez told Tampa Bay Inno. But the company, which has animated content for Cartoon Network and Nickelodeon, will operate in Asia.
Inside the Echo Bridge Pictures studio in St. Petersburg
Courtesy of Echo Bridge
- Digital Twin Marine, a startup that creates digital models of ships, relocated its headquarters to St. Pete. Digital Twin Marine was founded in 2020 by husband and wife co-founders Nicole Bruger and Tom Bruger. The company will be a part of St. Pete’s Maritime and Defense Technology Hub and announced the move in early October.
Digital Twin Marine visualizes 3D models called twins of ships and yachts.
Courtesy of Digital Twin Marine
- Mart Vainu moved from Estonia to Tampa in October to join Embarc Collective and grow Cashy, his educational platform that partners with credit unions to teach financial literacy to children. The app launched in 2022 and is funded by an undisclosed amount from several angel investors, which include Martin Vilig, the co-founder of European unicorn Bolt.
Mart Vainu, the CEO and founder of Cashy, was inspired to create the game after realizing the complexities of teaching finance.
Courtesy of Mart Vainu, Cashy
Funding
- Funnel Leasing, the artificial intelligence and automation-powered management proptech company that migrated to Tampa in 2022, closed a $32 million Series B-2 deal on Oct. 30. Utah-based VC firm RET Ventures led the funding round, joined by California firm Trinity Ventures and several other investors. RET Ventures also led Funnel Leasing’s Series B round of $36 million in 2022, swelling the collective Series B raise round to more than $60 million
Funnel Leasing's new headquarters in Odessa
Funnel Leasing
- FairyTail Pet Care, Tampa’s wedding pet care company, pitched to the sharks on the ABC’s show “Shark Tank” in an episode that aired Oct. 20. The company provides pet care services and organizes the logistics for couples that want their animals to attend their wedding. They negotiated a deal with investor Barbara Corcoran for $75,000 in exchange for 22% equity to continue pursuing franchising.
The full FairyTail team pitches to the sharks.
Christopher Willard
- Spontivly, a St. Petersburg-based software analytics company, added an undisclosed amount of new funding to its pre-series round and has officially closed the oversubscribed round. While Spontivly did not confirm the total amount, the oversubscribed round equals more than $2 million, based on past reporting.
Spontivly has closed an oversubscribed pre-series round of more than $2 million.
Courtesy of Spontivly
- Bellini Capital, Arnie Bellini’s investment firm, invested $3.5 million in New Hampshire-based Compliance Risk. The company will provide governance software for managed service companies. It will use the investment to expand its product offerings and establish a team in the Tampa Bay area.
Arnie Bellini, CEO, ConnectWise
ConnectWise
- Lonestar Data Holdings, a St. Petersburg-based space tech startup, closed an oversubscribed pre-Series A funding round of $825,000. The company set out to raise $500,000 but was inundated with investor interest after catching attention at an exclusive investor event, according to a release. New and existing investors participated in the round, but no investor names were disclosed.
A rendering of what a data mission would look like for Lonestar Data Company.
Lonestar Data Company
Acquisitions
- Vector Solutions, a Tampa-based information and e-learning software company, acquired Pathwayos on Oct. 25. Vector Solutions did not disclose financial information about the deal or company valuation numbers. It has more than 34,000 clients worldwide, according to a spokesperson.
