Venture capital in South Florida: Total funding slips, but deals get bigger

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Following a national trend, South Florida venture capital deals are getting larger. Yet, there are just not enough of them to put the state on the venture map.

Modernizing Medicine, the fast-growing Boca Raton-based electronic medical records software company, raised $38 million in the third quarter, making it the second-largest funding round so far this year for South Florida companies, behind MDLIVE’s $50 million round in the second quarter, according to quarterly venture capital data released Friday.

In total, South Florida companies raised nearly $75 million in six deals in the third quarter. That’s down from $86 million last quarter, according to the MoneyTree Report from PricewaterhouseCoopers and the National Venture Capital Association, based on data provided by Thomson Reuters.