Statewide, startups reeled in $5.83B – up 41% over 2024. What were the top deals, sectors and trends?
While not yet hitting pandemic levels of activity, South Florida venture capital activity in 2025 was powered by strength, resilience and some very big deals.
Once again, the Miami metro area was a top 10 tech hub for both deals and dollars, according to my findings for the eMerge Insights 2025 Florida Venture Capital Report released today. The report, produced by eMerge Americas and based on my research, showed that in 2025 startups in the South Florida hub –Miami-Dade through Palm Beach County – drew $4.13 billion (up 49% over 2024) across 376 deals in 2025.
The new report highlights results and trends throughout the Sunshine State, and the numbers were big statewide too. Startups throughout Florida attracted $5.82 billion – up 41% over 2024 – across 575 deals in 2025. For both South Florida and statewide trends, the number of deaIs in 2024 and 2025 did not change significantly.
Below are just a few highlights detailed in the 25-page report.
Top deals: 2025’s top venture capital deal in South Florida was the $200 million later-stage deal by OpenEvidence, known as “the ChatGPT for doctors.” The AI-native company relocated from Cambridge, MA, to Miami in July. That was followed by MaintainX, Syncromune and Exowatt. South Florida accounted for all nine mega-rounds recorded in Florida, a record.
Top sectors: In South Florida, fintech and healthtech were once again the No. 1 and 2 sectors and it was close. Fintech companies in South Florida drew $909 million across 85 deals in 2025, while funding for healthcare related companies drew $821 million across 56 deals. Crypto and blockchain startups made a comeback, attracting $480 million in 2025, up from $282 million in 2024, over roughly the same number of deals.
State leaders: Fintech and healthtech were also the leading sectors statewide, drawing $1.22B and $1.7B respectively. But other sectors of strength across the state include cybersecurity, climate tech and defense tech.
AI watch: Venture dollars flowing to self-described AI-powered or AI-focused startups in the Miami metro area in 2025 totalled $1.23 billion, easily besting 2024’s $897 million. What were the leading deals? Download the report.
It’s important to note that venture capital data lags and the results will change, but this report gives you a look at the moment in time. I crunched the data from Pitchbook, CB Insights, Crunchbase and Refresh Miami, among other sources.
In today’s report, we also spotlight a rising sector across the state: defense tech. “Florida stands unrivaled as the U.S. hub for dual-use innovation,” says Tyler Johnson, eMerge Americas’ Director of National Security Innovation, and the report spotlights his reasons why.
The report includes insights from ecosystem leaders and investors. We take a look at the funding of female-founded companies statewide, exit trends, VC firms’ fund raising, and much more. Want to know what the top deals were around the state? We’ve got those, too.
“Florida doesn’t need to be the loudest ecosystem to be effective,” said Rachael Ferm, Florida Funders’ Director of Investments, in today’s report. “The opportunity here is building durable, capital-efficient companies in sectors where talent, customers, and cost structure align – and that trend continued to quietly strengthen in 2025.”
One thing is pretty certain: 2026 will likely be another big year for South Florida venture capital results. Case in point: Refresh Miami alone has reported on just over $800 million in venture capital deals so far in Q1. Of course we do miss deals, and with almost two weeks left in the quarter, the total will certainly go higher.
Find the 2025 eMerge Insights report here.
READ MORE IN REFRESH MIAMI:
- Miami area startups snag $4.13B in VC in 2025. New eMerge Insights report has the details – March 30, 2026
- Full office, big plans: Simpro Group’s Miami growth story is just getting started – March 30, 2026
- 8+ things to know in #MiamiTech: IDB coming to Miami, plus news about a new teen tech center, D-Wave, eMerge Americas, defense tech, Myosin, Addigy & more – March 28, 2026
