Venture capital is getting off to an unpredictable start in 2024.
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The first quarter has concluded for many businesses, and March was an energetic month for Tampa Bay.
Longtime tech firms were acquired, and a few startups closed funding. Yet the month was noticeably thinner than 2023, which saw some of the largest funding deals of the year with Deepwatch’s $180 million Series C and Mad Mobile’s $20 million Series A. January and February were less busy than March.
It’s evident that venture capital is getting off to an unpredictable start in 2024, but that doesn’t mean Tampa tech was depressed. It saw several new companies move to the area and plenty of new hires. Tampa Bay Inno rounded it all up below.
Fundings and government contract awards
- It’s not March, but it was one of the only funding rounds in February. It also closed on the final day of February. In 2023, Immertec hit its toughest year so far. In early 2024, the company added a $4 million Series A extension round and returned to focusing on growth.
- Tampa edtech startup Scholar Education closed a $1.5 million friends and family funding round last month with participation from the region’s evolved generation of entrepreneurs. It’s a sign of maturity in the ecosystem, board chairman of Scholar Education Ed Buckley said.
- The U.S. Air Force awarded Tampa-based Genesis Systems a $1.2 million contract for its technology that creates water. The contract award — and its founder’s campaign for president — were part of a busy start to 2024 for the company.
- St. Pete tech startup BodiData Inc. raised $2 million in February. The funds elevated BodiData’s total capital raised to $18 million since 2016, according to filings with the U.S. Securities and Exchange Commission.
- Ellie Windle, a St. Petersburg-based entrepreneur, launched her platform Persist after moving to the area in 2023. The platform raised $175,000 and started pilot programs.
- Tampa-based data facility service firm Pergravis LLC — one of the largest defense contractors in the area — was awarded a $250 million contract from the U.S. Air Force this month.
Executive hiring
- Grupman, a Tampa founder and Embarc Collective member, was promoted to the CEO of San Francisco-based educational platform Dataquest on Feb. 29. She’s stepping into an expanded role and will remain in Tampa.
- Tampa attorney Jody Keeling was promoted from vice president and corporate counsel to general counsel at cybersecurity firm ReliaQuest. Meanwhile, Laura Westerman Tanner was promoted from director and corporate counsel to chief people officer.
Moves
- Boston entrepreneur and CEO of Botkeeper Enrico Palmerino moved his company headquarters to St. Petersburg in the past year.
Acquisitions
- It’s not an acquisition of a company or intellectual property, but it is an acquisition of assets. In recent months, Michael Joyce — the entrepreneur behind St. Petersburg’s e-motorbike store Emoto and a University of Tampa alumni — negotiated a deal for the majority of the inventory of the international venture capital-backed startup Cake.
- New Jersey-headquartered information technology firm Integris acquired 28-year-old Clearwater managed service provider, Network People.
