Top Miami Startups to Watch in 2024

Miami continues to rise as a global hub for innovation and entrepreneurship, making a remarkable leap to rank 16th in the 2024 Global Startup Ecosystem Report. This progress highlights Miami's growing significance in the global startup scene, supported by substantial exits and a resilient funding landscape. Despite challenges such as a decline in global VC funding and fewer IPOs, Miami's startup ecosystem has shown remarkable resilience and adaptability.

The city's dynamic startup environment is fueled by an influx of founders and investors who have been attracted to Miami's strategic location and vibrant community. The report reveals that Miami's ecosystem is valued at $95 billion, reflecting its robust performance and market reach. With $2.1 billion in exit value in 2023, Miami stands out globally, thanks to significant exits like Redzone Software's $885 million acquisition and Freightos's $500 million valuation.

Miami's strengths lie not only in successful exits but also in a 10% growth in seed and Series A funding deals, defying the global trend of declining venture activity. Homegrown startups such as QuickNode and Nymbus have secured substantial funding, demonstrating the ecosystem's potential for nurturing high-growth companies. Additionally, Miami boasts six active pre-exit unicorns, reinforcing its position as a breeding ground for scalable startups.

However, challenges remain in talent and knowledge development, with Miami scoring lower in these areas compared to other top ecosystems. Efforts are underway to address these gaps, including initiatives to attract STEM talent and enhance local universities' capabilities. The ecosystem's proactive approach to fostering global connections and supporting international startups further cements Miami's role as a pivotal player in the global startup landscape.

As we look ahead to 2024, Miami's startup ecosystem is poised for continued growth and innovation, driven by its strategic initiatives, supportive community, and an unwavering commitment to entrepreneurial success. The following are the top Miami startups to watch, each contributing uniquely to the city's vibrant and evolving business landscape.

1. Fortunafi

Year Founded: 2020
HQ: Miami, Florida, United States
Size: 1-50
Founders: Nicholas Garcia

Fortunafi is an on-chain financial institution that bridges the gap between traditional finance and blockchain by bringing real-world assets (RWA) onto blockchain networks. The company offers a comprehensive liquidity solution tailored for stablecoin issuers, protocol treasuries, and traditional entities, providing a variety of investment products, including private and public debt. Their infrastructure supports native minting and redemption of assets on top blockchains, integrating high-quality, compliant financial products into permissionless networks. This approach ensures a fully verticalized and cross-chain tokenization process, making it easier for investors to access tokenized versions of assets like US Treasury Bills and common stocks of companies such as Coinbase Global and Robinhood Markets.

Founded in 2020, Fortunafi has rapidly established itself in the RWA sector, securing $9.5 million in strategic and seed funding from investors like Shima Capital, Manifold, and the Claure Group. The company's diverse team, led by founder and CEO Nick Garcia, leverages extensive experience in both traditional finance and crypto. Fortunafi's services cater to a broad range of clients, including crypto institutions, blockchains, DAOs, individual and institutional investors, and fintech companies, offering them high-yielding, compliant financial products. Fortunafi is set to expand its offerings with the launch of Reservoir, a stablecoin protocol that will provide users with yield-bearing products backed by both digital and real-world assets.

2. HealthBird

Year Founded: 2021
HQ: Miami, Florida, United States
Size: 51-200
Founders: Irena Tigranyan, Ariel Dominguez

HealthBird is transforming the health insurance landscape by offering a digital-first platform that simplifies the process of finding and managing insurance. Founded in 2021 and based in Miami, FL, HealthBird provides instant quotes, comprehensive plan comparisons, and personalized recommendations, ensuring users find the best and most affordable coverage. The platform covers health, dental, vision, and hearing insurance, all managed through a user-friendly app that also allows scheduling doctor appointments and tracking medications. With its AI-driven plan matching and straightforward interface, HealthBird makes health insurance accessible and easy to navigate for everyone.

Since winning the investment prize at eMerge Americas 2022, HealthBird has expanded significantly. Founders Irena Tigranyan and Ariel Dominguez have grown their team to 150 people, enhanced the app’s features, and launched HealthBird LatAM. They are now opening a Series A funding round to further their mission. Trusted by thousands, HealthBird stands out for its member-centric approach, instant quotes, and the simplicity of its AI-driven platform, making it the go-to choice for reliable and affordable health insurance in the U.S. and beyond.

3. Payabli

Year Founded: 2020
HQ: Miami, Florida, United States
Size: 1-50
Founders: Joseph Phillips, William Corbera

Payabli is a Miami-based payment infrastructure and monetization platform designed to help software companies integrate and manage their payments business seamlessly. With its unified API and comprehensive service stack, Payabli focuses on the 3Ps: Pay In, Pay Out, and Pay Ops. The platform enables businesses to build and monetize payment acceptance from customers, automate payouts to vendors, and manage payment operations efficiently. Payabli offers tools for making one-time, recurring, or scheduled payments, virtual cards, ACH, physical checks, and more, ensuring secure and timely transactions.

Payabli was founded by Joseph Phillips and William Corbera, both with extensive experience in the payments and SaaS industries. Phillips previously led the national sales team at Seamless and headed sales at ServiceTitan, while Corbera co-founded RevoPay, which was acquired by OSG in 2022. Together, they established Payabli in 2020 to provide software companies with payment-facilitating capabilities without the complexity and cost of traditional payment facilitators. Payabli has raised $20 million in a Series A funding round led by TTV Capital, Fika Ventures, and Bling Capital, reflecting its rapid growth and market acceptance​.

4. Reloadly

Year Founded: 2019
HQ: Miami, Florida, United States
Size: 51-200
Founders: Michel Francis

Reloadly provides a robust platform for businesses to send mobile top-ups, data bundles, and digital gift cards globally through its innovative APIs. Catering to over 20,000 businesses worldwide, Reloadly simplifies the integration process with its developer-friendly toolkit, allowing companies to embed its services into web and mobile applications effortlessly. The platform's flexibility and ease of use have made it a preferred choice for startups and large enterprises alike.

Reloadly has seen significant growth, securing funding from TheVentureCity and other investors. Its comprehensive suite of services includes a drag-and-drop plugin for non-coders, making it accessible to a wide range of users. With operations spanning 170 countries and partnerships with over 800 mobile operators, Reloadly is well-positioned to continue its expansion in the mobile payments and digital services sector. Reloadly has raised significant funding to fuel its growth, including a $750K seed round in September 2019 and an undisclosed Series A round led by TheVentureCity in November 2021.

5. Lumu Technologies

Year Founded: 2019
HQ: Miami, Florida, United States
Size: 51-200
Founders: Ricardo Villadiego

Lumu Technologies, a Miami-based cybersecurity company, specializes in real-time detection, analysis, and response to network threats through its innovative Continuous Compromise Assessment™ model. This approach provides unparalleled visibility across entire network infrastructures, enabling organizations to efficiently identify and respond to cyber threats. Lumu integrates with over 125 tools, automating incident responses and aligning cybersecurity stacks to streamline SecOps operations. Their platform enhances incident management, enabling analysts to prioritize critical threats, and provides threat-informed defense by uncovering top attack techniques used against organizations.

Founded in 2019 by Ricardo Villadiego, a seasoned cybersecurity entrepreneur, Lumu has rapidly gained recognition. The company recently secured $30 million in a Series B funding round led by Forgepoint Capital, bringing its total funding to $38 million. This new investment aims to expand Lumu's global sales and R&D efforts, particularly in the US, Brazil, and Mexico. Lumu's innovative approach and commitment to simplifying cybersecurity operations have earned it accolades from industry leaders like Forrester and GigaOm. As cybersecurity challenges continue to evolve, Lumu remains dedicated to empowering organizations to protect their networks more effectively and efficiently.

6. Allvue Systems

Year Founded: 2019
HQ: Coral Gables, Florida, United States
Size: 200+
Founders: Marc Sheipe (CEO), Kevin MacDonald (COO)

Allvue Systems is a leading provider of software solutions for the alternative investment industry, including private equity, venture capital, private debt, and CLO firms. The company offers an integrated, cloud-based platform that supports the full fund lifecycle, from fundraising to investor reporting. With over $3 trillion in assets tracked and more than 20,000 funds managed on their platform, Allvue serves 440+ clients globally, helping them streamline operations and scale their businesses efficiently.

Founded through the merger of AltaReturn and Black Mountain, Allvue Systems has grown significantly since its inception. Backed by Vista Equity Partners, the company focuses on delivering innovative technology and exceptional client service. Allvue’s solutions are designed to unify and automate workflows across front, middle, and back-office operations, providing comprehensive support for diverse investment strategies. The company continues to expand its client base and enhance its platform to meet the evolving needs of the alternative investment sector.

7. Jumpspeak

Year Founded: 2021
HQ: Miami, Florida, United States
Size: 1-50
Founders: Sean Kim

Jumpspeak is an AI-powered language learning app designed to help users speak a new language with confidence from day one. Utilizing an active immersion method, the app focuses on real-world conversation practice instead of traditional passive learning methods like flashcards. Users can learn languages such as Spanish, French, German, Italian, and more through interactive chatbots that provide real-time feedback on pronunciation and grammar. This approach has proven to be 3.5 times more effective in learning retention compared to watching videos or listening to audio.

Jumpspeak was developed by Rype, Inc., and has successfully raised $400,000 in a pre-seed funding round from Goodwater Capital and two other investors. The app supports over 20 languages and offers a 100-day risk-free trial, making it accessible to a wide audience. Jumpspeak's innovative approach has gained trust from over 200,000 users who have significantly improved their language skills. This funding supports Jumpspeak’s mission to provide an immersive and efficient language learning experience, positioning it as a strong competitor in the language education market.

8. Flex

Year Founded: 2020
HQ: Miami, Florida, United States
Size: 1-50
Founders: Hadi Solh, Zaid Rahman

Flex is a finance super app designed to simplify business financial management by consolidating various back-office functions into one seamless platform. The app offers a comprehensive suite of services including banking, payments, and expense management tailored for small and medium-sized businesses (SMBs). Features include a credit card with net-60 terms, 0% interest for 60 days, and high credit limits based on cash flow. Flex also provides tools for managing expenses, issuing team cards, and earning up to 3.62% interest on idle cash.

Flex was co-founded by Zaid Rahman, a Thiel Fellow with extensive experience in fintech. The company recently secured $120 million in funding, comprising $100 million in debt and $20 million in equity. This funding round was led by Florida Funders, with participation from Home Depot Ventures, MS&AD Ventures, and Companyon Ventures. The capital will support product development, marketing, and sales, enabling Flex to expand its offerings and better serve its SMB clients.

9. DoorLoop

Year Founded: 2019
HQ: Miami, Florida, United States
Size: 51-200
Founders: Ori Tamuz, Matt Cave, David Bitton

DoorLoop is an advanced property management software designed to simplify and automate the management of various types of properties, including residential, commercial, affordable housing, and HOAs. The platform provides a comprehensive suite of features such as rent collection, maintenance management, accounting, and tenant screening, all accessible through a user-friendly interface. DoorLoop allows property managers to automate routine tasks like rent reminders and payment processing, connect with banking systems for streamlined financial operations, and manage maintenance requests efficiently through an integrated portal.

Founded in 2019, DoorLoop has quickly become a trusted tool for property managers, offering significant time savings and improved organization. The platform supports over 1,000 integrations through Zapier, allowing seamless connectivity with other software such as QuickBooks and Expensify. With a high customer satisfaction rate and robust support, DoorLoop ensures that property managers can focus on growth rather than administrative tasks. Recently, DoorLoop raised $20 million in Series A funding, highlighting its rapid growth and potential for further expansion in the property management software market.

10. Betr

Year Founded: 2022
HQ: Miami, Florida, United States
Size: 51-200
Founders: Joey Levy, Jake Paul

Betr is a sports gaming and media company co-founded by Jake Paul and Joey Levy in 2022, focusing on enhancing the sports betting experience through microbetting and fantasy sports. Betr offers unique gaming products with a simplified user interface for casual sports fans, including real-money daily fantasy sports and the upcoming V1 Sportsbook. Their media division, Betr Media, has rapidly grown, engaging millions across social platforms with original short-form video content.

Betr has raised $100 million in total funding, including $35 million in a Series A2 round led by Harmony Partners and 10x Capital. Other investors include Fuel Venture Capital, Aliya Capital Partners, and Roger Ehrenberg/Eberg Capital. The company has expanded market access for its sportsbook and plans to launch its casino product soon. Betr's senior leadership team includes Dan Maas as Head of Media Revenue and Andrew Winchell as Head of Government Affairs​.

11. Netra AI

Year Founded: 2023
HQ: Miami, Florida, United States
Size: 1-50
Founders: Don Horan

Netra Labs specializes in transforming human expertise into Expert AI Agents™ using their Ground Truth® platform. This enterprise language chain framework enables the development and deployment of AI agents that integrate seamlessly with any language model, including GPT, Claude, Gemini, and others. The platform simplifies the creation of AI-driven workflows through an intuitive drag-and-drop interface, allowing businesses to automate complex tasks efficiently. Ground Truth® ensures enterprise-grade security and scalability, making it ideal for system integrators, innovators, and developers aiming to enhance business processes with AI.

Netra Labs was founded by a team of technology experts with a history of executing large-scale transformational projects. The company raised an undisclosed amount in a pre-seed funding round on March 2, 2023. Netra Labs' platform has been utilized by clients like Data Federal and 8x ENERGY to embed deep domain expertise into high-performance AI agents, driving significant returns on investment and ensuring continuous improvement to meet evolving business needs​.

12. Ontop

Year Founded: 2020
HQ: Miami, Florida, United States
Size: 201-500
Founders: Santiago Aparicio, Jaime Abella, Julian Torres

Ontop is a workforce management platform that simplifies the process of hiring and managing international employees. Founded in 2020 and based in Miami, Ontop offers comprehensive services including onboarding, payroll, and compliance, making it easier for companies to manage a global workforce. Ontop's platform automates contracts, handles local tax regulations, and ensures compliance across 150+ countries, enabling businesses to operate seamlessly and legally. The company aims to eliminate the complexities of international hiring by providing a one-stop solution for workforce management.

The startup has shown significant growth, raising $26 million in funding, including a $20 million Series A round led by Tiger Global and Point72 Ventures, with participation from SoftBank’s SB Opportunity Fund. Ontop’s founders, Santiago Aparicio, Jaime Abella, and Julian Torres, have successfully expanded the company’s reach to over 67 countries, helping it achieve a 40% month-over-month revenue growth. With a team of 300 people, Ontop is positioned as a key player in the remote work landscape, facilitating the hiring and payment of international contractors and employees while ensuring compliance and efficiency.

13. OpenStore

Year Founded: 2021
HQ: Miami, Florida, United States
Size: 51-200
Founders: Keith Rabois, Jack Abraham, Matt Lanter, Jeremy Wood

OpenStore focuses on acquiring and managing Shopify-based businesses, aiming to streamline the process for entrepreneurs looking to exit. They provide competitive cash offers and handle the transition smoothly, making it easier for sellers. The company operates a large portfolio of brands and uses advanced technology and capital to effectively manage and scale these businesses.

Founded by Keith Rabois, a notable figure in the tech industry, OpenStore has significantly expanded its presence in Miami. With a robust team, including many who relocated specifically to join the venture, OpenStore has quickly become a major player in the e-commerce market. The company raised $150 million in funding till September 2022, underscoring its rapid growth and ambition to continue transforming the way e-commerce businesses are bought and managed​. This funding supports continued acquisitions and expansion of its technology to automate and enhance operational efficiencies. OpenStore focuses on U.S.-based, direct-to-consumer brands with significant growth potential, aiming to improve their market reach and operational performance.

14. Asteya

Year Founded: 2020
HQ: Miami, Florida, United States
Size: 51-200
Founders: Hadi Radwan, Alexandra Williamson

Asteya offers a unique form of income insurance designed to provide financial security in the event of illness or injury that prevents you from working. Founded on the principle that income should remain steady despite life's unpredictability, Asteya simplifies the process with a fully online application, instant policy issuance, and customizable coverage options. Their policies start as low as $6 per month and can provide up to $20,000 in monthly benefits or a $500,000 one-time payout for permanent disabilities.

The Miami-based company aims to make income insurance accessible to everyone, from small business owners to corporate executives. Asteya has developed a user-friendly platform that eliminates the need for medical exams or phone interviews, ensuring a seamless experience from application to claim. With $10 million in funding, Asteya continues to innovate in the insurance space, offering a critical safety net for individuals seeking to protect their financial future against unforeseen disruptions.

15. Quantum Temple

Year Founded: 2021
HQ: Miami, Florida, United States
Size: 1-50
Founders: Linda Adami

Quantum Temple is a Web3 platform founded in 2021 in Miami, Florida, dedicated to preserving cultural heritage by creating equitable exchanges between conscious collectors and ancestral communities. The platform digitizes cultural archives and traditions using blockchain technology, ensuring the preservation and accessibility of cultural knowledge. Quantum Temple partners with local communities and institutions to create immersive cultural experiences while providing sustainable income for cultural keepers. The platform leverages blockchain to document and share traditions, rituals, and art forms, making them available globally.

Quantum Temple raised $2 million in pre-seed funding led by the Algorand Foundation and other investors. The platform was also a recipient of the Awake Tourism Challenge, highlighting its innovative approach to cultural preservation. Quantum Temple aims to expand its impact by continually integrating with various blockchain ecosystems and fostering collaborations with cultural institutions worldwide​.

16. Pigeon

Year Founded: 2020
HQ: Miami, Florida, United States
Size: 1-50
Founders: Kaben Clauson, Brian Bristol

Pigeon is a Miami-based platform that facilitates loans between family and friends, simplifying the lending process with legally binding contracts and automated payment reminders. Founded in 2020 by Kaben Clauson and Brian Bristol, Pigeon removes the awkwardness from personal loans by managing the logistics and ensuring a seamless experience. The platform is designed to help individuals support each other financially in a stress-free manner, whether for personal emergencies, business needs, or educational expenses

In May 2022, the startup raised $2.5 million in a seed round led by FundersClub, with participation from 305 Ventures, Ascendo Venture Capital, Dhuna Ventures, and Pareto Holdings. This funding will support the launch of a mobile version, a credit score tool, and further user experience enhancements. Pigeon's team aims to expand its user base and foster partnerships with financial institutions and advisory groups, promoting the platform's use for secure and straightforward personal loans.

17. Félix

Year Founded: 2021
HQ: Miami, Florida, United States
Size: 1-50
Founders: Manuel Godoy, Bernardo Garcia

Félix Pago, based in Miami, simplifies sending money to Latin America using WhatsApp. Users can make bank transfers to friends and family in Mexico, Guatemala, and Honduras with low fees starting at $2.99. This platform eliminates the hassle of traditional remittance services by providing a fast, secure, and user-friendly experience.

Founded by Manuel Godoy and Bernard, Félix Pago recently raised $15.5 million in a Series A round led by Castle Island Ventures, with additional support from Switch Ventures, HTwenty, Contour, and MELI Capital. The funding will enhance their infrastructure, product development, and market expansion, including new territories in Latin America.

18. Boopos

Year Founded: 2020
HQ: Miami, Florida, United States
Size: 1-50
Founders: Juan Ignacio Garcia Braschi

Boopos is a Miami-based platform that connects business sellers with buyers, offering financing options tailored for SaaS and other subscription-based businesses. The company provides comprehensive M&A advisory services, including business valuations, targeted acquisition suggestions, and acquisition financing. Their platform enables users to easily list their businesses, get instant valuations, and connect with vetted buyers.

Founded by Juan Ignacio Garcia Braschi in 2020, Boopos has raised $20 million in equity and secured up to $250 million in credit facilities. The latest funding includes a $175 million credit line from Fortress Investment Group, enabling Boopos to support a larger number of customers and expand its marketplace globally.

FAQS

How Many Startups Are There in Miami?

There are currently over 2,000 startups operating in Miami, reflecting the city's vibrant and growing entrepreneurial scene.

What is the Average Investment in Miami Startups?

The average seed round in Miami is worth $750,000, while the average Series A round is approximately $4.4 million.

What Startup Industries Are the Strongest in Miami?

Miami's strongest startup ecosystems are healthcare, transportation, IoT, and hardware, driven by substantial investments and a supportive business environment.