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What the numbers say: VC funding for Florida-based startups declined by 81% YoY in Q1 2023, higher than the 46% YoY drop seen across the entire North American region. The slump suggests that the region is now feeling the effects of the VC financing downturn. Florida, along with North Carolina and Texas, defied the VC retrenchment trend last year. Florida witnessed a 25% uptick in VC funding last year.
Relevance: In Q1 2023, funding for the region totaled $660M. The three biggest funding rounds in the quarter were Deepwatch's $180M equity and strategic financing round, QuickNode's $60M Series B round, and EnergyX's $50M Series B fundraiser. What happened: Falling startup valuations, lower investor interest for Web3, fintech, and consumer product startups, and a frozen IPO market are likely the causes behind the drop in funding in Florida. Per Crunchbase, there may also be political reasons that contributed to the funding dip. |
