Seeds sown by Tampa Bay Wave and Upsurge Florida lead to investment in Wave member technology company, JustProtect.

Seeds planted by a federal grant from the U.S. Economic Development Administration (EDA) to promote investor awareness and seed funding activity in Florida have recently blossomed into a significant investment in the Tampa-based technology company, JustProtect.

The recent, undisclosed six-figure investment was made by newly-formed Lakeland-based Lakeland Venture Investments (LVI) and establishes new community ties between the emerging tech ecosystem in Lakeland and Tampa Bay. Notably, LVI’s investment is the first significant Tampa Bay area investment to be born out of the EDA grant made to technology accelerator Tampa Bay Wave.

But first, a little background….

In early 2019, the US EDA’s Office of Innovation and Entrepreneurship awarded a 3-year grant to a new partnership between Tampa Bay Wave and  Orlando’s StarterStudio to increase access to capital “from the Space Coast to the Gulf Coast” where risk capital is generally in short supply.  This effort, now renamed Upsurge Florida, has led to the formation of at least one seed fund, the Central Florida Tech Fund, and uncovered hundreds of previously untapped prospective investors eager to help Florida’s burgeoning tech startup ecosystem with new sources of capital.

With additional financial and other support from the Vinik Family Foundation, Tampa Electric, University of Central Florida and Kirenaga Partners, Upsurge Florida held a series of in-person accredited investor roadshow presentations in 2019 and early 2020, forming hundreds of new accredited investor connections.  At one such event, longtime community leader and entrepreneurship advocate, Chip Webster, began a conversation with Allen Clary, an event speaker and Director of Investor Relations at Tampa Bay Wave. Ultimately, this conversation led to the revelation that a new early stage investment fund, Lakeland Venture Investments (LVI), was just getting started in Central Florida, and they were looking for fresh investment opportunities.

Lakeland, Florida’s Next Major Tech Hub

Founded in the summer of 2020 by 30-something Lakeland natives – David Ward, Wesley Barnett, and Chad Corbitt – LVI plans to invest in Florida based tech companies that can help build ties to Lakeland’s burgeoning new tech economy. In recent years, Polk County leaders have been working with both public and private sector entities to make Lakeland a major destination for world-class technical and engineering talent.  In the heart of Florida’s High Tech Corridor, LVI is just the latest addition to “Central Florida’s Innovation District, which includes nearby Florida Polytechnic University and Catapult Lakeland’s new 38,000 square foot coworking and innovation hub in downtown Lakeland

“LVI’s mission is to connect Lakeland to the broader central Florida startup market and harness the diverse talent we have at our disposal in Lakeland and broader Polk County,” says David Ward, Business Advisor, Lakeland Venture Investments. “We seek to support innovative companies with a great track record and chance at continued success – and take them to the next level, utilizing home grown talent from Lakeland, the Catapult coworking and incubator space, and central Florida.”

It Takes a Village to Build a Thriving Tech Economy