South Florida’s startup scene saw substantial investment in 2024, attracting $2.77 billion in venture capital, according to the latest eMerge Americas Insights report. This strong performance placed South Florida in the top 10 among U.S. metro areas for venture capital (VC) activity. Across the state, Florida startups secured a total of $4.13 billion.
Despite a national decrease in deal counts, both South Florida and the state of Florida experienced larger funding rounds. The eMerge Insights report, which draws from multiple venture data sources, highlights key sector trends and the overall growth of Florida’s tech ecosystem.
“In this edition of the eMerge Americas Insights report, we focused even more on Florida as a whole because the region has become a rapidly growing tech hub,” said Melissa Medina, co-founder and president of eMerge Americas. She emphasized the organization’s commitment to showcasing the state’s transformation into a key player in global innovation.
Fintech and medtech companies led the funding charge in South Florida. However, sectors like web3 and climatetech also showed promising results. Emerging areas such as sports and gaming are expected to gain momentum. The report, which spans 27 pages, also includes data on top deals, sector spotlights, and exit trends, as well as insights on the growing focus on AI and the VC firms raising funds. State-wide, the largest deal came from Vultr of West Palm Beach, which raised $333 million at a $3.5 billion valuation. The funding will support the expansion of the company’s AI infrastructure.
Saxon Baum, a partner at Florida Funders, said he is, “excited about some of the bigger established unicorns having liquidity events, and the trickle-down effect of capital and talent coming out of those events. This is truly how the ecosystem will continue to grow.”
Ken Hall, a partner at DeepWork Capital, offered a positive outlook on the state, stating, “It’s hard not to get excited about the quality of the ‘deeper tech’ throughout the state of Florida.”
Here are some key highlights from the eMerge Insights report:
- South Florida companies raised $2.77 billion in 2024, a 15% increase from the $2.41 billion raised across 393 deals in 2023.
- Across Florida, startups secured $4.13 billion, an 18% rise from $3.5 billion in 2023.
- By deal value, Florida ranked 6th, and the Miami metro ranked 9th compared to other areas in the U.S.
- While deal count decreased for the second consecutive year, both Florida and South Florida held strong positions nationally, ranking 5th and 6th respectively.
The report further delves into the thriving tech landscape in the state. The 2024 report highlights significant venture activity in medtech, fintech, cybersecurity, aerospace, and energy, reflecting the depth and breadth of the tech ecosystem in Florida.
The eMerge Americas conference, scheduled for March 27-28, will once again be a key event for the region’s tech community. This year, AI will be a key theme at the conference, focusing on the increasing number of AI-powered startups in South Florida and the state overall that are creating solutions in sectors like fintech, healthtech, and more. These AI-focused startups in South Florida raised $896.8 million in 2024, which is three times the amount raised in 2023.
The eMerge Americas Insights report.
