Good news for Florida in second quarter
July 29, 2012 by Sarah
According to a report released last week by MoneyTree, a publication of the National Venture Capital Association and PricewaterhouseCoopers, three deals in Orlando, Florida, and the surrounding area helped the state to raise its venture capital ranking in the United States to ninth in the second quarter, up 14 positions from that in the first quarter. On the back of this positive news, no doubt poster printing and flyer printing are being used in the corporate world so that additional companies will invest in Florida businesses and keep its ranking within the top ten.
The MoneyTree report released statistics that investment firms invested a combined $95 million in almost a dozen companies, which was a 163% increase from the first quarter. This investment helped Florida to return to the top ten for the first time since the opening quarter of 2011. Florida has struggled in the past to attract venture capital for high-tech and other start-up businesses and keep up with other large states.
Managing partner of the Orlando practice of PricewaterhouseCoopers, Bill Fluke, hopes that these investments are a trend and not just investors trying to cram deals into this past quarter.
A combined $21.3 million was invested in three high-tech companies in central Florida during the quarter and included Kony Solutions Inc., a software developer, which received $15 million. Other notable beneficiaries included the wireless spectrum provider, Spectrum Bridge Inc., which received $3.3 million and SkyCross Inc., based in Brevard County, which makes advanced wireless antennas and received $3 million.