A Q&A with the Florida Funders managing partner on scaling a venture platform, activating capital, and why this moment may be #MiamiTech’s most important yet
Saxon Baum has been preparing for this role for years. Long before he became managing partner at Florida Funders (FLF), he and founder Tom Wallace had already aligned on a simple plan: Build something meaningful, and eventually, pass the baton. Now that moment has arrived, and Baum is thinking less about titles and more about how to scale what comes next.
Florida Funders has invested in 115 companies and had six exits so far. The platform manages around $300 million in assets. FLF has about 350 LPs in its funds and around 3,000 investors in its broader network.
In a conversation with Refresh Miami, Baum shared how FLF is evolving, what he’s seeing across South Florida’s tech ecosystem, and where both founders and investors still have work to do.
This interview has been condensed and edited for clarity.
Refresh Miami: You’ve stepped into the Managing Partner role. What’s changed, and what are you focused on now?
Saxon Baum: The transition has been in the works for about two years. Tom and I have worked together for over 15 years, so there’s always been a strong level of trust and alignment. From the beginning, the idea was that if everything went well, I’d eventually take over the firm. When the time came, it felt natural.
Now, the focus is on operating at a higher level as a team. We’ve built a strong foundation, but we’re moving faster and holding a higher standard across the board.
We’ve also brought in some key hires over the past couple of years. Jake Felman leads a lot of our cybersecurity work and brings both legal and deal experience. Rachael Ferm, our director of investments, has been a major addition as well. She’s incredibly sharp and has elevated how we think about building the investment team.
Looking ahead, we’re really focused on what makes us different. In today’s market, founders can choose their investors, and LPs can allocate capital anywhere. So you have to stand out in a real way.
What are those differentiators for Florida Funders?
There are three that really define how we’re thinking about the firm moving forward.
The first is our network. We have more than 3,000 investors across our ecosystem, and historically, it was hard to fully activate that. It was more relationship-driven – who knows who, who can make an intro. Now, with AI, we’ve built systems that allow us to be much more intentional.
If we’re evaluating a company, we can quickly identify who in our network is relevant – potential customers, partners, or follow-on investors. We’ve already seen that help us win competitive deals because we show up with real value from day one.
We’re also building what we call Founder Circles. A lot of our best investments have come from referrals within our founder network. So now we’re formalizing that by bringing top founders together, creating more touchpoints, and making sure we stay top of mind when they’re building or investing.
The second piece is around our belief that venture firms are becoming media platforms. When a founder works with us, beyond getting capital, they’re getting distribution. We can amplify their story, their milestones, their product launches. That helps with hiring, sales, and future fundraising.
The third is community. Even with all the technology available, this is still a relationship-driven business. We spend a lot of time building real connections through events and experiences. Our annual summit is a big part of that. It’s becoming less about us and more about bringing together top founders and investors from across the country.
How do you see the Miami and South Florida tech ecosystem right now?
It’s in a more stable place, which is actually a good thing. The past few years were intense. 2020 through 2022 saw a lot of activity, and then things shifted with the market.
Now, it feels more grounded. Some of the noise has cleared out, and what’s left are founders who are really focused on building strong businesses. That’s healthy.
From a founder perspective, Miami is still the clear leader in Florida. There’s more activity here, more capital, and a strong base of talent. We’re seeing high-quality companies continue to come through the pipeline.
At the same time, the broader state has developed its own strengths. Tampa is becoming a real hub for cybersecurity. The Space Coast has momentum in aerospace and related technologies. And Miami continues to lead in fintech, especially given its connection to Latin America.
One thing people don’t always realize is how fluid the founder base is. Many founders split their time between cities. They may not be in Miami year-round, but they’re still building companies here, hiring here, and engaging with the ecosystem.
You mentioned LPs earlier. What still needs to happen on the investor side in Florida?
There’s a big opportunity, but it’s still early in many ways.
A lot of capital in Florida comes from high net worth individuals and family offices. Many of those investors built their wealth in real estate, retail, or other traditional industries. Venture capital is still relatively new to them.
So a big part of the job is education: helping them understand how venture works, what the timelines look like, and why it can be such a strong part of a portfolio.
But education alone isn’t enough. People need to see success. In places like Silicon Valley, you constantly hear stories of early investors making meaningful returns. That visibility drives more participation.
We’re starting to see that here, but we need more exits, more success stories, and more reinvestment back into the ecosystem.
Institutional capital is another gap. There are only a few real sources of institutional funding in the state. Universities, for example, are not major participants in venture funds here. That’s something that needs to change if Florida wants to compete at the same level as other major markets.
What about accredited investors who don’t realize the opportunity in front of them?
That’s a real dynamic. There are a lot of accredited investors who simply don’t engage with venture because they don’t understand it or haven’t seen it work firsthand.
Part of the challenge is that venture is a long-term asset class. It’s not liquid. You can’t just move in and out like public markets. It requires patience and a willingness to ride through ups and downs.
But when done well, it can be one of the best-performing parts of a portfolio.
So the goal is to build trust, provide access, and show results over time. As more companies in Florida scale and exit, you’ll naturally see more people become interested and involved.
What’s next for the firm as you think about that growth?
One area we’re focused on is what happens after our initial investment.
If we had consistently doubled down on our top-performing companies in the past, we would have built an even stronger growth portfolio. So we’re exploring the idea of launching a growth fund alongside our next early-stage fund.
That would allow us to write larger checks into the companies that are already proving themselves within our portfolio. Ultimately, these efforts will help us achieve our goal of reaching a $2 billion AUM by 2030.
At the same time, we’re continuing to invest in early-stage companies across Florida, the Southeast, and beyond. About 30% of our current portfolio is based in Florida, with the rest spread across markets like California and New York.
We’ll always have strong ties to Florida. But we’re also thinking more broadly about how we position ourselves on a national level.
READ MORE IN REFRESH MIAMI:
- FLF appoints Rachael Ferm as Director of Investments, strengthening its community-driven venture model
- Florida Funders optimistic about the year ahead – and their portfolio companies shared the reasons why
- The mood at FVCC: Investor optimism about Florida’s tech trajectory
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