One massive deal helped South Florida break its tech investment record

A deal worth an estimated $900 million made South Florida one of the top cities for tech investment in the first half of 2019, according to a new report from eMerge Americas.

The regional tech booster group said SoftBank’s blockbuster investment in real estate technology group REEF, which closed this winter, lifted area investment through the first six months of the year to $1.54 billion—putting it ahead of Austin, Chicago, and Washington D.C. and setting a new record.

REEF, formerly known as ParkJockey, is investing in buying garage spaces in a bet that future urban mobility needs will make them more valuable.

In total, the region, which includes Miami-Dade, Broward, and Palm Beach counties, counted 60 deals during the period, eMerge said. At that rate, it will end the year about even with the 120 to 130 total deal range seen over the past six years.

The report also notes the $500 million invested last month in cloud computing group Kaseya, which plans to expand its Miami-based work force.

“We always envisioned Miami would be a hotbed of entrepreneurial activity, and we now have the comparative data to trace how much this ecosystem has evolved and the transformational impact we are making as a community,’‘ said Melissa Medina, President of eMerge Americas.

To see the full report, visit www.emergeamericas.com/insights

This story was originally published September 5, 2019 at 11:32 AM.