TLDR:
- In 2023, South Florida startups collectively raised $2.41 billion across 393 deals, a decline from the record-breaking $5.8 billion raised in 2022.
- Financial technology was the most active sector, followed by health technology and climate technology.
Summary:
In 2023, South Florida’s venture capital ecosystem saw a reset with startups in Miami-Dade, Broward, and Palm Beach counties raising $2.41 billion across 393 deals. This marked a decline from the previous year’s record-breaking $5.8 billion. The Venture Capital decline was attributed to various factors such as higher interest rates, international conflicts, and increased competition with China. Despite this, South Florida remained a prominent startup hub, securing 69% of the state’s VC dollars and 59% of all deals. Financial technology emerged as the most active sector, followed by health technology and climate technology. Climate technology, focused on solutions for climate-related challenges, saw an increase in VC funding, becoming a rising star in 2023. Additionally, cryptocurrency and web3 startups continued to receive funding, with Miami-based QuickNode securing a significant $60 million raise. Artificial intelligence technology also gained traction in South Florida, with AI-powered startups raising $319 million in VC dollars. The top-funded startups in 2023 included companies like Classwallet, Digibee, QuickNode, Cast AI, and MaintainX.
