Miami Tech & Startup News

Big funding news keeps coming for South Florida’s larger tech companies

Big funding news keeps coming for South Florida’s larger tech companies


What’s new in venture capital raises: Kaseya, CareCloud and Sunwave

It turns out Technisys’s $50 million Series D investment was not the only announced fund-raise last week by some of South Florida’s largest tech players.

Kaseya, with U.S. operations based in Miami, announced on Friday that it has received an investment of more than $500 million. Investors include TPG, a leading global alternative asset firm, and Insight Partners, an existing investor in the company and one of the most active investors in Florida companies. 

Kaseya provides IT infrastructure management solutions for both external service providers — MSPs — and internal service providers such as IT departments. This investment builds upon Kaseya’s recent momentum, which includes 30%+ annual company growth, the expansion its customer base to 40,000 customers worldwide, and four major acquisitions — Unitrends, Spanning Cloud Apps, RapidFire Tools and IT Glue.

The company will use this investment to fuel growth through additional strategic acquisitions, further expand into international markets, and increase R&D spending. Kaseya has made 10 acquisitions in the last six years, the company said on Friday.

“Technology is becoming more critical for small to mid-size businesses every day, and whether they receive it from a managed service provider or their own internal IT department, they want more efficient solutions that yield greater results,” said Fred Voccola, CEO of Kaseya, in a news release. “This investment validates our position as the only industry player that can offer these innovative, integrated solutions from a single pane of glass.”

Kaseya, which services a $180 billion market, is based in Dublin but its U.S. headquarters is in Miami. Kaseya employs about 250 people in its Miami and Tampa offices.

CareCloud, the Miami-based health-tech company, has closed on a new $33 million funding round from its existing investors. The South Florida Business Journal broke the news on Friday afternoon.

The company will use the funding toward building out CareCloud’s technology as it plans to unveil a new product in the next 30 days, SFBJ reported. CareCloud employs about 200 in Miami. Read more here.

With this new funding, CareCloud has raised more than $160 million over the years since its founding in 2008. The company, which provides a management platform for high-growth medical groups, raised a $31.5 million Series C round in November 2016. Its existing investors include The PNC Financial Services Group, First Data Corporation, Norwest Venture Partners, Intel Capital, Tenaya Capital and Adams Street Partners.

The South Florida Business Journal’s Emon Reiser also reported on Friday that San Diego investment firm Blueprint Equity recently backed Sunwave, a Delray Beach-based software provider for substance abuse treatment centers, with $6 million in new funding. Read more here.

All of this capped off a big week for South Florida venture funding, as fintech player Technisys earlier in the week announced it had closed a $50 million round. Read more about that on Refresh Miami.

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