Goldberg shares the motivation behind his move to Miami, the city’s unique advantages, and what’s needed for future growth
By Riley Kaminer
David Goldberg, a founder-turned-investor and general partner at Alpaca VC, has been bullish on South Florida’s tech scene since the firm launched in 2014. At that time, setting up shop in New York instead of San Francisco was already seen as a contrarian move, but Goldberg understood the opportunity behind expanding further afield.
“We started planting flags in places like LA and Boston and Austin,” he told Refresh Miami. “I started coming down to Miami to meet entrepreneurs and VCs basically quarterly starting in 2015.”
“The reality is I was wrong about Miami becoming the tech ecosystem, probably by about five or six years,” he admitted. Although our pandemic-induced growth has validated Goldberg’s thesis.
We sat down with Goldberg to get his perspective on the past, present, and future facing Miami tech – and what we should look out for along the way.
This interview has been condensed and edited for clarity.
Refresh Miami: What excites you most about the Miami tech ecosystem these days?
David Goldberg: When I moved to Miami almost four years ago, it was one of the first big shifts of VCs moving here. The city’s infrastructure and the benefits like weather, taxes, and diversity are exciting. More importantly, the growth in the network of people here is impressive. I started tracking partner-level folks in South Florida and the number has grown from about 25 to 125. Miami has become a part of the rotation for fundraising, similar to New York and San Francisco. This growth in the ecosystem is what excites me the most.
Mayor Suarez often talks about the “flywheel” effect and FOMO driving people to Miami. What are your thoughts on this?
The initial wave was definitely a moment, sparked by the post-COVID environment and the issues in cities like San Francisco and New York. That moment has transitioned into a more sustainable movement. The flywheel effect is real – we’ve reached a critical mass where Miami is a regular stop for founders and investors. This is creating a robust ecosystem that continues to grow.
What is lacking in the Miami tech scene to take it to the next level?
Any tech ecosystem needs three key elements: capital, entrepreneurial talent, and complementary talent. Miami excels in capital with a strong presence of investors and family offices. Entrepreneurial talent is growing, with high-quality founders choosing Miami for its benefits. However, the biggest gap is in complementary talent – the first 20 to 50 employees in various roles. Without a large existing tech base, we lack the experienced mid-level employees seen in more mature ecosystems. This makes it harder to build ecosystem-defining companies that drive major growth.
How does Miami fit into the global tech ecosystem?
Miami can excel as a gateway city for international business, especially with Europe and Latin America. We have a unique position in sectors like logistics, cross-border payments, healthcare, hospitality, and blockchain. These areas leverage Miami’s diverse talent and international connections, giving us a distinct advantage.
What role does Alpaca play in the Miami tech ecosystem?
From the start, our goal has been to democratize access to talent and capital. We’ve been early adopters and core connectors in Miami. We now have a significant presence here, with two of our four general partners living in South Florida. We’re involved in local investments and aim to build strong relationships within the ecosystem. We’re also hosting our first in-person AGM in South Florida to showcase the local tech scene and foster deeper connections.
What advice would you give to entrepreneurs looking to raise capital in Miami?
It’s crucial to understand who is here and how the ecosystem is structured. Miami is a dispersed city, making it hard to navigate and connect. Founders should do their research and build relationships well before they need to fundraise. It’s also important for local investors to facilitate these connections and host events that bring the community together.
Do you see any advantages for Miami-based startups in your investment process?
Proximity is a key advantage. Being close allows us to engage early, conduct that extra layer of due diligence, and provide support post-investment. While Miami deals might sometimes have lower valuations, there’s also a challenge with local companies needing to speak the language of VCs and build in a way that aligns with venture expectations.
How has fundraising for VCs been in Miami?
There’s a lot of capital here, especially relative to the number of fund managers. However, local family offices and high-net-worth individuals tend to prioritize real estate and PE over tech. Building these relationships can be challenging but rewarding. Due diligence is crucial, as the term “family office” is used liberally in Miami.
What are your predictions for the future of Miami’s tech ecosystem?
I believe Miami will eventually become a top-five tech ecosystem. We have the potential to rival cities like Los Angeles. This growth will be gradual, driven by a few big exits that start the flywheel effect. Miami’s specialization in areas like remote work, cryptocurrency, and healthcare will continue to strengthen its position.
It’s an exciting time for Miami, and I’m optimistic about the future.
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