Despite the coronavirus pandemic creating a shaky economy for many, some local startups were able to snag funding in the second quarter of the year.
According to PitchBook's latest report, the Tampa Bay metropolitan area raised $30.22 million in Q2 from six deals, down from $87.3 million raised in Q1. Pitchbook originally reported Q1 raised $55 million.
Florida as a whole however, surged in Q2, garnering $607.3 million from 58 deals, up from $308 million and 77 deals in Q1 of this year.
The region lagged on exits in the second quarter as did the state. Tampa Bay's MSA had zero exits listed in the region and the state had three listed exits for an undisclosed amount. In Q1, Florida had $32 million invested in four exits.
The five deals referred to by Pitchbook, included:
• Telepathy Labs raising $6.6 million in June, of which Pitchbook states the company raised $13 million
• Peerfit's $10 million raise in April
• Restaurant tech company Omnivore raising $3.6 million in funding in May
• Venuetize raising $2.1 million in April
• Base Culture raising $1.3 million in May
There was one undisclosed deal from Pitchbook, making the total deal count six for the quarter.
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, created by PwC and CB Insights, was also released today. It states Florida raised a staggering $434 million in Q2, in large part to Plantation-based Magic Leap's $350 million round.
While the report cannot release its raw data on regional rounds, a CB Insights official stated the largest deal from the Tampa Bay MSA was Spatial Networks' $4.5 million raise in April.
