A wonderful climate and lack of income tax in Florida are not the only reasons why an increasing number of IT firms, including those working for the real estate market, are moving to the Sunshine State. According to Tracxn, the largest startup database, there are already over 50 such enterprises in the Miami area.
Adam Mait, Chief Operating Officer and co-founder of DoorLoop (a company developing property management software), calls Miami a phenomenal city and notes the existence of a great talent pool and high-level universities here.
The opening of Brightline, a high-speed railway connecting Miami to Aventura, Boca Raton, Fort Lauderdale, and West Palm Beach, also played a huge role. You can now reach Downtown Miami from Downtown Palm Beach in only 45 minutes.
As for venture capital, Lennar (a company building housing across the USA) has recently opened a branch in Miami. Lennar Ventures will be responsible for investments. Krillion Ventures and LAB Ventures are two local firms that also finance proptech startups.
Other promising enterprises include LandTech, a London company that develops software helping developers to find, assess, and purchase land plots; Kambio, a tech platform enabling consumers to design, buy, and build their own homes; and Milo that enables property purchasing for cryptocurrencies.
Miami is rapidly turning into an international business hub where companies from Latina America, Europe, and other places operate. The great number of proptech firms evidences this market’s prospects and high level of development.