Nearly 700 venture capital deals have closed in the State of Florida since 2000, resulting in more than $6.4 billion in total venture capital spending. A new state program hopes to accomplish more of the same. To help lure tech investment to Florida, the State of Florida has created the Florida Opportunity Fund, a multimillion-dollar program that directs investments to high-performing funds committed to seed and early stage businesses. This program seeks to realize significant long-term returns from funds making investments in early stage Florida opportunities.
The Florida Opportunity Fund is a fund of funds established by Enterprise Florida, the state's economic development arm, and managed by Florida First Partners (FFP). The program is designed to build upon investment activities of leading national venture capital investors, such as Kleiner Perkins Caufield & Byers, Benchmark Capital and Sycamore Ventures. These firms provide capital to companies focused on developing advanced technologies like surgical robotics design, business intelligence software, defense and aerospace applications, and green methods to create new products out of recyclables.
The first series of applications from state, regional and national venture capital firms to be considered for funds from the program will be accepted through January 30, 2009. Interested participants from the venture capital community should visit www.floridaopportunityfund.com.
