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More deals in Miami

For instance, deal count in Miami doubled from 2019 to 2022 (though still remains a slither of the overall share of VC deals in the US), as mayor Francis Suarez heavily promoted the city, with its warm climate and lower costs of living, as a destination for tech companies. He also heavily promoted crypto, and during that sector’s boom, venture funds poured money into Miami-based blockchain startups. Even with the crypto bust, venture investing in the area remained strong in the first quarter of 2023, according to PitchBook.

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Meanwhile, the neighboring city of Orlando has seen more established companies, such as Checkr and Siemens, opening offices in the area and working on AI developments, the newest tech trend.

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Since the pandemic, there’s been no shortage of tech workers moving out of the Bay Area to cities with a lower cost of living. The funding that’s been flowing to other parts of the US is arguably just following the talent.

Check out more Quartz coverage of the technology sector here.

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