While deals and exits may be partially on hold in the second quarter, the year kicked off with a strong start, according to the latest PitchBook report.
The Tampa Bay metropolitan area raised $53.83 million from 12 deals in Q1, according to the report. That's $20 million more than Q4 in 2019, which brought in $33.56 from 11 deals.
According to the report, January brought in $26.53 million with nine deals, $3.8 million for one deal in February and closed the quarter with $23.5 million across two deals in March. The state as a whole raised $303.48 million across 68 deals in Q1.
The region lagged a bit on exits, with none listed for Tampa Bay and only three in the state, garnering $39 million.
The top 10 deals in Tampa Bay from Q1 included:
- Mize, a Temple Terrace-based warrant and contract service management company, received $20 million on March in a later stage funding round.
- Peerfit, a Tampa-based health and wellness tech company, received $10 million in January. See how they've pivoted during coronavirus.
- Abacode, a Tampa-based cybersecurity and compliance provider, received $5 million in January in an early stage funding round.
- Cell Detect, a Tampa-based company that seeks to end illicit cell phone use in prisons and jails, received $5 million in January in an early stage funding round.
- Fresh Kitchen, an entity of Tampa-based Ciccio Restaurant Group, received $4 million in January from an angel investor.
- Disruption Labs, a Tampa-based laboratory specializing in nanoparticle research, received $4 in February in a seed round.
- ProCredEx, a Tampa-based digital marketplace for verified professional credentials, received $4 million in March in a seed round.
- VuEssence, an Odessa-based company that used molecular diagnostic solutions to better understand disease, received $1 million in January in an angel round.
- Nickelytics, a Tampa-based marketing technology company, received $1 million in January in an angel round.
- Emerald Dunes of Clearwater, a Clearwater-based limited liability company, received $1 million in January in an angel round.
In 2019, PitchBook recorded the following in the Tampa Bay MSA:
Q1: $36.11 million raised across 10 deals
Q2: $55.16 million across 18 deals
Q3: $89.30 million across 16 deals
Q4: $33.56 million across 11 deals
The Moneytree Report, released quarterly from CB Insights and PWC, was also released Tuesday. Their report stated the Tampa Bay region raised $66.3 million across seven deals. The top three include:
- Spatial Networks, a St. Petersburg company raised $42.5 million in a Series A round.
- InformedDNA, a St. Petersburg company, raised $10 million in a growth equity round.
- Like the Pitchbook report, Abacode's $4.9 million Series A round was included.
