08:45 am
July 28, 2017

Two Miami area companies get $18.6 million in VC funding

Nymbus, a Miami Beach web hosting company, received $12 million in venture capital funding during the third quarter, according to PricewaterhouseCoopers third quarter MoneyTree report.

Zenedge, a Miami cybersecurity company, received $6.2 million from Pilot Growth Equity Partners, TELUS Ventures and two undisclosed firms. The source of the Nymbus funding was not disclosed.

Two other South Florida companies also received funding.

Carson Life of Miami Beach, a healthy and beauty products company, received $244,000 from undisclosed sources and Synkt Games of Miami received $150,000 from New World Angels.

Nationally, the  venture capitalists invested $10.6 billion in 891 deals in the third quarter of 2016, according to the report, which is based on data provided by Thomson Reuters. Total venture dollars deployed to startup companies for the quarter decreased 32 percent and total deal count was down 11 percent, compared to the second quarter when $15.6 billion was invested in 999 deals.

Compared to Q3 2015, dollars and deals are down 36 and 25 percent, respectively. This is the eleventh consecutive quarter of more than $10 billion in venture capital invested in a single quarter, and the second time deal count has dropped below one thousand since Q1 2013.

“The decline in venture capital activity this quarter is part of the normalization process that is expected after a quarter in which record-breaking investments dominated headlines,” said Tom Ciccolella, US Venture Capital Market Leader at PwC. “Despite deal count being the lowest since Q3 2010, quality deals continue to receive funding. The broader ecosystem remains healthy, bolstered by a lift in biotechnology within the top deals and overall, strong fundraising, and a continuation of the trend towards investments in non-traditional industries.”