Venture capital firm TampaBay.Ventures launches $20m seed fund to support regional tech startups

New venture capital firm TampaBay.Ventures, has launched its first $20 million seed fund in order to support the growing tech scene in the Tampa Bay region. While the region has a track record of producing world-class tech startups (i.e. Wikipedia, ConnectWise, KnowBe4, etc.), there is currently a lack of sufficient seed funding in the area to support the region's next breakout startups.

TampaBay.Ventures aims to change that by funding local innovative, tech-enabled companies at the earliest stages of development. The fund, founded by Marcus Adolfsson, Andreas Calabrese, Tom Frederick, and Wesley Barnett, is focused on investing in 20 companies over the next five years. 

Marcus Adolfsson, General Partner, TampaBay.Ventures: "Tampa Bay is one of the fastest-growing economic centers in the U.S. and already home to multi-billion-dollar companies rooted in markets such as cybersecurity, e-commerce, health care, edtech, fintech, and hardware. The number of technology companies expected to grow out of this region in the next few years is significant, and our goal is to be a big part of that success."

Through investments in startup accelerators and university entrepreneur programs, Tampa's startup ecosystem has grown steadily over the years. However, the early-stage capital market within the region remains nascent. A lack of professional seed capital is inhibiting many promising tech founders from growing fast enough to compete, sometimes resulting in relocation to other cities or disbanding their startup completely. 

Allen Clary, Co-founder, Tampa Bay Wave and Adjunct Professor of Entrepreneurship, USF: "We have been trying to solve the tech funding gap problem in Tampa Bay for years. While there are a number of promising early-stage tech companies in the area, a countless number of startups with high potential have struggled or dissolved due to the early-stage capital problem. TampaBay.Ventures will make a huge impact, not only with the funds they need to grow but also with the critical support and experienced guidance they need to succeed and win." 

Initially, the fund will scout for high-growth tech-enabled companies that have developed an initial product and are ready to scale. The companies must be based in the greater Tampa Bay region. 

Andreas Calabrese, Partner, TampaBay.Ventures:  By only focusing our efforts on founders and companies based in the Tampa Bay region, we are able to double down on our mission of growing the regional tech scene. Rather than superficially triage thousands of pitches per year, we can focus on hundreds of equally promising local opportunities across a wide range of sectors." 

The team behind TampaBay.Ventures has extensive experience as successful founders and investors. Andreas Calabrese joins the firm from a highly successful European seed fund. Marcus Adolfsson is a local entrepreneur who led his previous tech company to a nine-figure exit. Tom Frederick is a fellow business-builder entrepreneur with multiple exits. Wesley Barnett represents a family office in Central Florida with a clear focus on investing within the local community. 

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