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Here’s who raised venture capital in Q2 2019

Margie Manning

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LendingMemo.com

A dozen Tampa-St. Pete companies raised nearly $47 million in venture capital funding during the three months ended June 30.

That’s an increase over the $40 million raised by nine companies in the first quarter of 2019, according to new data from the Venture Monitor, a collaboration between PitchBook and the National Venture Capital Association.

Leading the pack in the Q2 2019 was Actio Analytics, a Tampa software firm that raised $20 million. The company’s platform was designed and built by restaurant operators for the industry, according to its website. Actio did not respond to a request for further comment.

Venture Monitor listed the top 10 deals for the metro area.

The local deal roster was dominated by funding in the information technology and consumer products sectors, with health care companies also making a good showing among the top 10 deals.

Through the first half of 2019, there were 21 deals and a total of $86.7 million raised in the Tampa-St. Pete area. The area is on track to surpass 2018 in both deal volume and value.

 

Nationally, 2019 could be the second-highest year ever for venture investment, just behind 2018, Venture Monitor said. Through the first half of 2019, total venture capital deal value reached $66 billion and there were 4,868 deals.

This year is shaping up as a record year of venture investment in female-founded businesses, with 301 female-founded companies getting $1.9 billion in backing nationally. Three companies among the Tampa-St. Pete top 10 deals were founded by women:

• Intrinio, a financial software  firm in St. Petersburg founded by Rachel Carpenter. Intrinio raised $5 million.

• Base Culture, a Clearwater company that makes baked goods consistent with a paleo diet, founded by Jordann Windschauer. Base Culture raised $3 million.

• Venuetize, a Tampa mobile technology company, founded by Karri Zaremba. Venuetize raised $1 million, according to the Venture Monitor, but Zaremba said that’s only part of the new funding.

The biggest story in the venture industry in the second quarter was the exit market, fueled by 34 initial public offerings for venture-backed companies. When a venture-backed firm goes public, the gains that flow back to the venture investors allow them to reinvest in new firms.

The Tampa-St. Pete area has yet to see a venture-backed company go public, according to the Venture Monitor data.

Venture Monitor defines venture funds as pools of capital raised for the purpose of investing in the equity of startup companies. Funds identifying as growth-stage vehicles are classified as private equity funds and are not included in the Venture Monitor report

That’s why a couple of big funding deals in the Tampa-St. Pete metro in Q2 did not show up in the Venture Monitor report. KnowBe4, a Clearwater cybersecurity training firm, received $300 million in a funding round led by private equity giant KKR, while WindRose Health Investments, a private equity firm in New York, recapitalized Tampa kidney care company Healthmap Solutions Inc. with $85 million.

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