Tech Trail: Miami tech closes in on as many deals as it did in 2019 — and it’s only August
The latest Miami tech deals data are in.
According to tech tracking group Pitchbook, South Florida tech startups have counted 141 deals totaling $1.3 billion so far this year. That compares with 176 deals for $1.2 billion in all of 2020 and 169 deals for $1.9 billion in 2019.
The record for South Florida is $2.5 billion raised in 2018, a year that included $1 billion fundraising for both Magic Leap and REEF.
An unofficial tally also went around Twitter this week from Refresh Miami founder Brian Breslin that $425 million had been raised just in the past four weeks, suggesting there has been no summer slowdown.
Pitchbook says four of the largest deals of the past 10 years have already occurred this year, led by subscription-revenue software group Pipe’s $250 million raise.
Premier software group building startup studio
Very Big Things is launching its next big thing.
The award-winning software design group in Fort Lauderdale led by Chris Stegner is forming a startup studio, designed to build companies that can become their own.
“It’s all about experiments,” Stenger said. “There’s a lot of stuff we can’t do on clients’ projects — even the most cutting edge stuff...So we said, ‘Why don’t we create some of our own products to do this?’”
VBT does not want to yet reveal what its first idea will be, except to say that one might be in the wine industry. “Nothing is off limits,” Stegner said.
But he did explain the process, which involves narrowing down a galaxy of potential ideas to one or two killers, then hiring a CEO to execute. He said the decision to create the studio is not even a pivot for the VBT. Rather, it’s just doing what they always do — designing great software — for companies they are creating themselves.
“We wanted to make ourselves our own client,” Stegner said.
Miami Tech Life is coming to real life
Miami Tech Life, which began as a local chat group on a messaging app, is about to come to life and begin sponsoring activities, events and more.
MTL organizer Demian Bellumio said these will range from private dinners with founders and investors to doing delegations to major tech conferences, to potentially sponsoring students to work at tech companies. MTL is free to join.
“Anything that helps promote the ecosystem,” he said, “while also allowing people to have a more complete life here.”
That will also include offering support to new-to-Miami parents, and even organizing sporting events to strengthen Miami tech’s social ties.
Miami Tech LIfe already has some 1,000 people in the chat group. Founding sponsors of the MTL organization include Borderless Capital, which recently moved to Miami.
“Miami is now the undoubted epicenter of innovation, technology and capital,” said Borderless managing partner David Garcia in a statement. “The recent exponential growth of the MTL community is another reflection of the trajectory this ecosystem is heading to.”
Garcia himself recently announced a $25 million venture capital fund focused on the Miami tech ecosystem, as well as an accelerator program with $35,000 in guaranteed startup capital.
Bellumio, who just launched a startup, Neu Life, backed by new-to-Miami entrepreneur and Atomic venture group CEO Jack Abraham, said MTL could also end up doing research around the Miami tech ecosystem, and even start its own venture fund.
“I don’t think any city has this kind of organization with this much potential,” Bellumio said.
To join Miami Tech Life, visit miamitech.life/get-involved.
This story was originally published August 29, 2021 at 6:00 AM.
