What were the top deals? Which sectors are trending? How is AI reshaping results? New report has all the first-half insights and statewide highlights.
Amid a challenging VC climate, Florida venture capital activity was on the rise in the first half of 2025 and is on track to have its best year since the 2022 high, according to the eMerge Insights Florida Venture Capital 1H 2025 Report released today. Startups in fintech, cybersecurity, web3, medtech, climatetech and other sectors all contributed to this Florida story, with the Miami-Fort Lauderdale metro area leading the way.
The big numbers
Startups in South Florida – from Miami-Dade through Palm Beach County – dominated activity in the state, drawing $2.02 billion across 161 deals in the first half, according to eMerge Insights, well on track to top 2024’s full-year result of $2.77 billion. In the first half, South Florida captured 71% of the dollars and 59% of the deals across the state.
Statewide, startups attracted $2.85 billion across 270 deals in the first half of 2025. If this pace holds, 2025 will mark a second year in a row of strong, steady growth, and Florida also could have its best year since 2022.
Outside of South Florida, Orlando attracted the most venture capital in 1H 2025, drawing $399 million across 34 deals, according to Pitchbook data.
More findings
- In the US, both Florida and South Florida ranked in the top 10 for venture activity in the first half. The Miami-Fort Lauderdale metro area ranked 7th for both deal value and by number of deals among their US peers. Among states, Florida ranked 6th for deal value and 5th by number of deals.
- In South Florida, fintech companies drew the most funding dollars in the first half of 2025, attracting $691 million across 38 deals, led off by Flex.
- Crypto is back: The deals were bigger, much bigger, so far in 2025 than they were in 2024 for blockchain and web3 startups. In the first half, these companies attracted $243 million across 16 rounds. The average deal size was $15.2M – that’s up from $9.1M in 2024.
- Another highlight: Climatetech startups in the Miami-Fort Lauderdale metro area raised $391.3 million across 11 VC deals in the first half of 2025, already surpassing all of 2024 in deal value ($320.4 million across 27 deals).
Eye on AI
AI is a growing force in venture rounds in South Florida and around the state. Venture dollars flowing to self-described AI-powered or AI-focused startups in the Miami metro area in the first half of 2025 are almost equal to the intake for all of 2024.
What’s more, statewide 33% of companies funded cited AI as one of their key verticals, the report said.
“In terms of deal flow, we are seeing pure domination from AI companies, and as an investor, if you are not investing in AI currently, then you are asleep at the wheel,” said Saxon Baum, partner at FLF, which rebranded from Florida Funders this year, in the report. “This is the most exciting time in history to invest, and we are seeing a seismic shift in the way we live and work.”
A moment in time
It’s important to note that this report is based on first-half 2025 data that was recorded by multiple sources through mid-July. Venture activity lags and these 1H numbers likely will grow, but this is a snapshot in time. I’ve been authoring the report regularly since 2018 for eMerge Amerias, and I crunch data from Pitchbook, Crunchbase, Dealroom, CB Insights and Refresh Miami’s reporting to provide a more complete picture and identify trends. Venture activity has appeared to slow down in Q3, but a strong Q4 will ensure a higher year. We will be back with the full year report early next year.
The report released today includes the top deals around the state, led by the $225 million debt and equity Series B raise by Flex of Miami. Flex operates a financial platform for entrepreneurs to manage business and personal finances.
How Florida is rising up
Beyond the numbers, the midyear report also includes a summary of ecosystem highlights, such as our global ecosystem rankings and new entrepreneurship programs, and insights from active venture capitalists and ecosystem leaders across the state. The eMerge Insights report also takes a look at Florida’s rising sectors.
Indeed, a sector to watch is deep tech, says Dennis Pape of Phase Shift Ventures, with startups leveraging advanced technologies to transform industries including aerospace and defense, agriculture, energy, healthcare, transportation, and advanced manufacturing. “It’s a shift driven by engineering and scientific innovations including AI, geopolitical tension, supply chain disruptions, and the DoD and NASA turning to startups for innovations,” Pape said in the report.
Download the 24-page report here.
READ MORE IN REFRESH MIAMI:
- Miami metro hauls in $2B in VC in 1H 2025, eMerge report finds. Florida on the rise: We’ve got data. – October 1, 2025
- 8+ things to know in #MiamiTech: News from Insightec, MoonPay, Mission Space, Blue Frontier, Betr, FAU, Venture Atlanta, job opportunities & more – September 28, 2025
- Fortune 500 firm ServiceNow to expand in West Palm Beach and create 850+ jobs – September 16, 2025
