Southeast Shoutouts | Forty years of pitches, more than $30 billion in capital raised
A handful of states with smaller start-up scenes have defied the odds and posted sizable investment gains. Two are Tennessee's neighbors.
From Miami, FL:
The Florida Venture Forum, the leading statewide support and member organization for venture capital and private equity professionals and entrepreneurs, has announced that companies presenting at its conferences and events have collectively raised more than $30 billion in capital.
Since 1984, the organization reports that more than 2,000 companies have presented at Forum events. In the process of raising that staggering amount of money, those same companies have gone on to producing billions more in economic value.
This achievement nearly doubles the previous total reported in 2016 and underscores both the maturation of Florida’s venture market and the impressive growth of start-ups showcased at Forum events.
The Forum has more than 500 active members and alumni who represent a “who’s who” of venture capital and private equity, including equity and debt investors at all stages, major law, accounting, and investment banking firms, and large corporates active in the innovation ecosystem.
The Forum produces major venture events throughout the year, including the annual Florida Venture Capital Conference, which will take place March 3-5, 2025, in Miami.
From Orlando, FL:
Carol Ann Dykes Logue is retiring from her post at the University of Central Florida Business Incubation Program in April, according to a report in Orlando Inno.
Dykes Logue, 68, alerted staff members of the decision the morning of Nov. 22. She has served as director of both Central Florida Tech Grove and the Business Incubation Program in recent years. Those positions are expected to be filled by two new hires.
From Across the Southeast:
Crunchbase News’ Joanna Glasner writes that “a handful of states with smaller start-up scenes (defined here as below $2 billion in annual funding) have defied the odds and posted sizable investment gains.” Two of the seven – Arkansas and Kentucky – are neighbors to Tennessee.
So far this year, Arkansas start-ups have raised $175 million — up nearly 50 percent from the 2023 full-year total, with gains coming from several larger deals. Much of the funding activity centers around Bentonville, which Glasner describes as “a picturesque city in the Ozark mountains that also happens to serve as headquarters for the world’s largest retailer, Walmart.”
- The largest investment in Arkansas went to Laravel, a Bentonville-based web app development framework that picked up $57 million in an Accel-backed September round.
- Another big round went to Crisp, a Bentonville-based retail data provider. It raised $37 million in equity and $30 million in debt financing this year to scale its fast-growing business, per Crunchbase data.
From the Tennessee Valley:
The Tennessee Valley Authority (TVA), in partnership with Bicentennial Volunteers Inc. (BVI), a TVA retiree organization, announced on Monday a record-tying $1.5 million in grants to educators to develop science, technology, engineering, and math (STEM) education projects across the Tennessee Valley region.
“We know STEM teachers across the region are inspiring students to become the workforce of the future and that’s why it’s so important for TVA to continue to support this grant program,” said Jeff Lyash, TVA president and Chief Executive Officer. “Providing additional resources to schools helps provide essential hands-on learning programs that equip students with skills that will help them be successful in whatever they choose to do in life.”
The competitive STEM classroom grant program is operated in partnership with the Tennessee STEM Innovation Network, managed by the Battelle organization. The program received 647 grant applications this year, and 342 were selected for funding. Since 2018, TVA/BVI has provided nearly $8 million in STEM grants supporting over 730,000 students.
A full list of the recipients can be found here.
From Spartanburg, SC:
SusMaTech, a new start-up company located in Spartanburg, has opened its first new synthetic laboratory inside the Spark Space of Spartanburg Community College‘s Downtown Campus. The company says its new chemical materials development facility will drive innovation and accelerate the company’s entry into the sustainable specialty chemicals market.
“We are thrilled to unveil our first R&D laboratory here in downtown Spartanburg,” said Russell Stapleton, Owner of SusMaTech, in the release. “This unique space is an ideal location to develop new technologies, and the people needed for the success of SusMaTech. We aim to build upon the strong materials science and manufacturing base that already exists here in Spartanburg by injecting new technologies and developing greener options for our customers.”
The new laboratory will also play a vital role in developing new products, new processes and collaborating with customers and academic institutions, the release stated. It will serve as a technological hub for talented scientists and engineers, attracting top talent to the region and contributing to the growth of the local economy.
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