Author: Jonathan Marino
Date: April 9, 2013
How bad was VC’s Q1 for fundraising? Consider: the $4.053 billion raised by just 35 funds is the lowest level of cash raised by the fewest firms since at least 2007.
The venture capital community’s fundraising showing for the first quarter of 2013 was so poor, the National Venture Capital Association could barely even look at the state of California and, instead, in its quarterly haul announcement, focused on Massachusetts leading the VC scene’s cash grab.
Still, the landscape is changing. Prior to the fundraising figures being released, peHUB spoke with a number of limited partners and venture capitalists who pointed out first-time VC funds have been chipping into larger GPs’ cash pools. Read more here.
Tower Cloud, a St. Petersburg-based wireless backhaul specialist provider, reported raising $49M in two rounds – $13M in January followed by $36M in July. The funding was led by two of its existing investors, The Burton Partnership and Knology, Inc., and included existing investors Sutter Hill Ventures, El Dorado Ventures, Ballast Point Ventures, Kinetic Ventures, ITC Partners Fund and Noro-Moseley Partners as well as two new investors, The Florida Growth Fund and CLR Investors. Read more here.
Sarasota Medical Products Inc., an early-stage company specializing in ostomy and advanced wound care products, has secured $3.56 million in private and public funding to begin manufacturing in October at a new Sarasota facility. Specific investors were not disclosed. Read more here.
Virtual Works, a Boca Raton enterprise software startup led by Edward Iacobucci, a prominent high-tech entrepreneur and co-founder of Citrix Systems, has raised $8.5M in a Series A financing. The funding was led by New World Angels of Boca Raton with participation from domestic and European institutional, high net-worth and strategic private equity investors. Skyway Capital Partners LLC served as financial advisor to VirtualWorks. Read more here.
PlusOne Solutions, Inc., an Orlando based company that provides training, background checks, certification and insurance verification for independent contractors, has raised $485K as part of its Series B Preferred Stock Offering from the Tamiami Angel Fund. This is the first investment made by the Naples-based angel fund. Read more here.
Spectrum Bridge, a Lake Mary company that provides an online marketplace of available licensed radio spectrum for sale or lease on the secondary market, announced today $8.8 million in Series B funding for domestic and international commercialization and development efforts. The investment comes with participation from Spectrum Bridge’s existing investors including True Ventures, Telecommunications Development Fund (TDF), and Espirito Santo Ventures. Read more here.