TechJournal South reports that Miami has a new venture capital firm--Sunrock Ventures. They have a $100 million fund that will consider investments at all stages of development including seed. Based on the experience of the three Partners, the fund will probably be particularly interested in IT, software, bio-medical devices, communications and financial services. Too bad they do not appear to have any experience in cleantech or Web 2.0 but let us all applaud their interest in looking at seed stage deals.
One thing that is noteworthy is the investment thesis in raising the fund. They correctly observe that Florida is underfunded for venture capital (Hint: less competition) and therefore they should be able to invest their capital at better valuations and thereby generate superior returns. Don't expect flush valuations from Sunrock. (My thoughts on the shortage of venture capital in Florida are here.)
All venture capital firms live on their deal flow. Sunrock targets to close 6-8 deals per year. They have to look at a lot of deals to close 6, but the good news is we have another firm looking. About 2-3 more new venture capital firms and we should have real support for the early stage companies here.