Newsletter October 2nd, 2025

Happy Thursday! This is Mind Your Business, your weekly scoreboard for Tampa Bay’s innovation game… where fresh players enter, veterans change positions, and the crowd watches billion-dollar plays unfold.

This week, a Tampa software staple reshuffles its top seats, a local VC firm sharpens its national edge, an Israeli defense-tech company ramps up hiring, a homegrown cybersecurity leader reaches unicorn status, and St. Pete’s Innovation District plans for its next chapter.

💻 A software giant in Tampa names new leadership
💸 A local VC firm adds firepower for national expansion
🛡️ A defense-tech company grows its U.S. base in Tampa
🦄 A cybersecurity leader joins the unicorn club
🌊 St. Pete’s Innovation District gears up for expansion

Scroll down to see how Tampa Bay is making moves this week…

💻 SOFTWARE

Appspace Names New CEO and President

After three years as CEO, Tony DiBenedetto is stepping aside at Tampa workplace software firm Appspace. Pete Schmied, formerly president, will move into the CEO role, with Holly Grogan taking over as president. DiBenedetto, who stays on as executive chairman, guided the company through three acquisitions including Canadian intranet provider Igloo. Backed by Accel-KKR, Appspace has grown into a global platform for employee communications used by companies like LinkedIn, Walgreens, and the NBA.

⚡Why It Matters: 
Leadership shifts at one of Tampa Bay’s most established software firms mark a new chapter in its global expansion. With a broadened platform and seasoned team, Appspace is setting the pace for how hybrid workplaces connect and scale.

💸 VENTURE CAPITAL

FLF Adds Veteran VC to Team, Eyes National Expansion

Tampa-based FLF (formerly Florida Funders) has hired Rachael Ferm as director of investments to accelerate its push beyond Florida. Ferm brings experience from Accenture Ventures, Alumni Ventures, and VoLo Earth Ventures, which recently raised $135M for its second fund. FLF is finishing deployment of its $60M Fund II and is already raising a $100M Fund III. The firm has invested in over 100 startups, including Tampa standouts like Grifin and Immertec, and is now competing for deals in hot AI and fintech markets nationwide.

⚡Why It Matters:
Adding seasoned venture leadership gives FLF more credibility on the national stage. For Tampa Bay founders, it means local capital is scaling up alongside them instead of being limited to regional checks.

🧠TICKLE YOUR BRAIN

Riddle of the Week:

I can grow even when sales flatline.
Above 100 I compound; below 100 I leak.
Price hikes and seat expansions feed me.
What am I, and what number do top SaaS teams chase?

What am I? 🤔
(Answer at the bottom of the newsletter)

Pause for some deep thinking…

🛡️DEFENSE TECH

XTEND Expands in Tampa, Gears Up for Global Push

Israeli defense-tech firm XTEND, which has raised more than $100M, is growing fast in Tampa after opening a 10,000-square-foot facility this summer. The company builds autonomous drones and robotic systems used by defense and security forces around the world, with applications ranging from battlefield intelligence to counter-drone operations. XTEND expects to employ 50–60 people in Tampa next year and is closing a European acquisition backed by a $30M funding extension.

⚡Why It Matters:
XTEND’s decision to build its U.S. base in Tampa strengthens the region’s role in defense and autonomy. It shows international companies see Tampa Bay not just as a satellite office but as a launchpad into U.S. and global defense markets.

🤖CYBERSECURITY

A-LIGN Hits Unicorn Status with Hg Investment

Tampa cybersecurity firm A-LIGN has reached unicorn status after securing a majority investment from London-based Hg, valuing the company at more than $1B. CEO Scott Price says the deal will fuel European expansion, where he sees revenue potential tripling. Founded in 2009, A-LIGN now has 750+ employees, 5,000 customers, and expects to surpass $200M in revenue this year — putting it alongside fellow Tampa unicorn KnowBe4 as a national leader in security compliance.

⚡Why It Matters:
A-LIGN’s rise cements Tampa Bay’s position as a serious cybersecurity hub. Backing from Hg sets the stage for global acquisitions and further growth, showing that Tampa firms can scale to billion-dollar status and compete internationally.

😂MEME STREET

Here’s a Meme You Can Probably Relate To

🛡️ECOSYSTEM

St. Pete Innovation District Plans for Next Chapter

Since 2017, Alison Barlow has led the St. Petersburg Innovation District, bringing together 50+ organizations in marine science, life sciences, tech, and defense. Its centerpiece, the Maritime and Defense Technology Hub, opened in 2021 and has already outgrown its space. Plans are now underway for a second building with more waterfront access and expanded workshop bays, aimed at attracting more startups and federal contracts.

⚡Why It Matters:
The district has become a magnet for national security and marine tech startups, carving out a niche that complements Tampa’s broader tech ecosystem. Its planned expansion signals that St. Pete is no longer just a beach city — it is building a brand as a national player in marine and defense innovation.

WORTHY MENTIONS: UPDATES, EVENTS, RESOURCES, ETC…

• ⚖️ Fear & Greed Index: 51 (NEUTRAL) per CNN

• ₿ Bitcoin Dominance at 57.9% See chart

• Event: Venture Capital & Growth Equity Summit
  🗓 October 29-30 | Tampa | Learn more

• Event: Tampa Bay Tech Awards 2025
  🗓 November 7 | Tampa | Learn more

• Event: CyberBay 2025
  🗓 October 13-15 | Tampa Marriott Water Street | Learn more

• 🤗 Want a front-row seat to our biggest events and a chance to connect with Tampa Bay’s top founders, investors and innovators? Apply to join our team!

• 🚀 Connect with top entrepreneurs, founders, and techies building big things in Tampa Bay and beyond. Join our private Slack now and make some noise!

• 📅 Want to sponsor an upcoming Masterminds event? Apply here!

RIDDLE ANSWER

Net Revenue Retention (NRR), typically 120%+.

ADVERTISE WITH US // JOIN THE FB GROUP

*Please note that some of the links in this newsletter are affiliate links. This means that we may earn a small commission if you make a purchase through these links. We only recommend products or services that we believe will add value to our readers. Your support through these links helps us keep providing valuable content to you. Thank you for your support.