United States

Miami

MEMBERS:
Knight Foundation

There has never been a better time to be an entrepreneur than right now, or a better city to do it from than Miami.

Marcelo Claure
Chief Executive Officer of SoftBank Group International and Chief Operating Officer of SoftBank Group Corp
Top 10 Global Emerging Ecosystem: Funding
Top 10 Global Emerging Ecosystem: Performance
Top 20 North American Ecosystem: Talent & Experience

Highlights

Miami was already a vibrant international business hub before the pandemic struck. Thanks to a business-friendly climate, a coronavirus-related influx of talent, and the vision of local leaders, its startup scene is now on a rapid ascent. The 2017 federal tax policy changes made Florida, with its favorable tax structure — including one of the lowest corporate tax rates in the US (5.5%) and low sales and property taxes — an appealing alternative to high-tax states like California and New York. Covid exacerbated many coastal hubs’ challenges, and in turn accelerated interest in Miami. In January 2021, SoftBank announced plans to invest $100 million in Miami-based startups, with its $5 billion Latin America Fund and $100 million Opportunity Fund already headquartered in Miami. Since then, renowned VC firms Founders Fund, Atomic, and General Catalyst have also decided to open offices here. In February 2021, the Knight Foundation announced $14.3 million in funding to expand computer and data science programs at Florida International University and the University of Miami to supply the ecosystem’s growing tech talent demand. Many local organizations are creating spaces that are of, by, and for tech builders and connecting new arrivals with Miami’s existing stakeholders. The Local Leaders Collective creates communities of founders helping each other through the entrepreneurial journey, and groups like Out in Tech and Haitians in Tech are creating on-ramps for more Miamians to participate in the city’s startup community. Several hundred VCs and tech leaders from both in and out-of-state joined an impromptu inaugural Miami Tech Week in 2021, already slated to return in 2022.

Ecosystem by the numbers

TOTAL EARLY STAGE FUNDING
$650 m
GLOBAL AVG.
$548 m
ECOSYSTEM VALUE
$17 bn
GLOBAL AVG.
$13.68 bn
MEDIAN SEED ROUND
$675 k
GLOBAL AVG.
$480 k
MEDIAN SERIES A ROUND
$2.3 m
GLOBAL AVG.
$3 m
SOFT. ENGINEER SALARY
$78 k
GLOBAL AVG.
$44 k

Sub-sector Strengths

Life Sciences

Rapha Capital Management announced its $100 million Rapha Capital BioVentures (RCBV) focused on Investment in early-stage biotech startups in April 2021. Heru, a medtech spin out from the University of Miami’s Bascom Palmer Eye Institute building an AI-powered platform to diagnose and correct vision problems, announced it had a $30 million Series A round in May 2021. Neocis, a maker of advanced robotics for dental surgery, raised a $72 million Series D round in October 2020.

Blockchain

Blockchain.com, one of the most widely-used consumer crypto products, moved its U.S. headquarters to Miami in June 2021 and plans to hire aggressively in the city. The company also struck a deal with Israeli crypto trading platform eToro to bring 50 jobs to the area. In June, Borderless Capital announced it would move its headquarters to Miami and launch a $25 million fund focused on local cryptocurrency startups. Blockchain company QuickNode raised $5 million in seed funding in May 2021.

Reasons to move your startup to Miami

The Economic Landscape

Miami may be most famous for its sun and beaches, but the city boasts equally impressive economic infrastructure. A strategic gateway to the Americas and a privileged route for trade with Europe, Asia, and Africa, Miami offers Florida’s number one deep-water container port, doing business with 250 ports in 100 countries. Miami International Airport is the top U.S. airport for international freight and second for international passengers. Miami-Dade County is home to more than 70 foreign consulates and trade offices, as well as more than 1,100 multinational corporations.

Startup Community

Startup Genome
Members

Startup Genome
Partners

500 Startups
Miami Angels
Endeavor Miami
eMerge Americas
Venture Cafe Miami
Refresh Miami
Venture for America
Florida International University
University of Miami
LAB Miami
Babson WIN
Idea Center at Miami Dade College
CIC Miami
Code Fever
The Venture City
WeWork
WhereBy.Us

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