1. Business

Jeff Vinik's latest big investment: $12 million in startup accelerator Dreamit

Tampa Bay Lightning owner and Water Street Tampa developer Jeff Vinik speaks during the Building Cities of the Future Summit by Bisnow and Dreamit at the Tampa Marriott Waterside Hotel & Marina in Tampa on Dec. 5. On Monday, Dreamit and Vinik announced that he is investing $12 million in the startup accelerator. ALESSANDRA DA PRA | Times (2017)
Published Mar. 19, 2018

TAMPA — Tampa Bay Lightning owner and developer Jeff Vinik is investing $12 million in Dreamit, an early-stage venture fund and startup accelerator with offices in New York, Philadelphia and — in the foreseeable future — Tampa.

Vinik, 58, will become a partner in the company and a member of Dreamit's board of directors, he and the company announced Monday.

"I met the guys from Dreamit almost a year and a half ago," Vinik said in a telephone interview. "From that very first meeting, I thought they were terrific. ... The way they've approached their business of accelerating companies (and) the way they're vetting potential investments has been outstanding."

Founded in 2008, Dreamit works with startups in two fields: health care and urban tech approaches to real estate, but Vinik said more could be coming.

"We're hoping to continue to grow the company and introduce new verticals in the months and years ahead," Vinik said. He also said the company will open a Tampa office in an innovation hub that Vinik plans to create, probably in early 2019, on the second floor of Channelside Bay Plaza.

PREVIOUS COVERAGE: Jeff Vinik plans new venture capital fund and innovation hub at Water Street Tampa

In 2016, Vinik invested an undisclosed amount of money — though he acknowledged it was smaller than his latest $12 million stake — to help Dreamit launch an "UrbanTech" accelerator for pre-Series A startups working on innovations related to real estate and the "built environment."

It is an area that Vinik believes could hold promise for the $3 billion Water Street Tampa redevelopment project that he and Cascade Investment, the personal wealth fund for Microsoft owner Bill Gates, are developing around Amalie Arena.

"Over the last year, my partnership with Dreamit has helped us identify emerging technologies and bridge the funding and resource gap between Tampa Bay and larger startup ecosystems like New York and San Francisco," Vinik said.

At least half the companies that went through the UrbanTech program last fall have or are raising their next round of capital, he said, "which is often a good metric for measuring the quality of the companies that went through."

Dreamit provides the startups it selects with a 14-week program offering coaching, opportunities to pitch their products in multiple cities and access to networks of customers, investors and industry contacts. It has worked with nearly 300 startups, among them LevelUp, Tissue Analytics and Raxar. Since 2013, about 90 of them have been focused on digital health and medical devices.

Companies Dreamit has worked with have raised $800 million in follow-on funding and built a combined value of almost $2 billion. About half close a capital raise within six months of going through its accelerator program.

"I've been highly impressed by Dreamit's team, the caliber of Dreamit startups and the large percentage of companies that continue growing with follow-on funding after the program," Vinik said. "Together, health care and real estate present large opportunities for innovative startups that can deliver substantial impact while generating attractive returns."

Along with his capital, Vinik brings a wide network of relationships and deep analytical experience as the former manager of Fidelity's Magellan mutual fund and his own hedge fund to Dreamit,

"Jeff is a visionary business leader who drives results," Dreamit managing partner Steve Barsh said in announcing the company's partnership with Vinik. "He built a track record of legendary returns in his investment career and produced a new model of how urban areas can work in the 21st century."

MORE: Go here for more Business News

Check back at for updates on this developing story. Contact Richard Danielson at or (813) 226-3403. Follow @Danielson_Times


  1. The lobby bar at the Current Hotel on Rocky Point in Tampa serves eclectic cocktails and locally brewed coffee. SARA DINATALE  |  Tampa Bay Times
    Take a look inside Tampa Bay’s newest boutique hotel.
  2. The Florida Supreme Court building in Tallahassee. SCOTT KEELER  |  Times
    The Tampa Bay Partnership, Greater Tampa Chamber of Commerce and Tampa-Hillsborough Economic Development Corp. filed a brief in the Florida Supreme Court.
  3. Tech Data's headquarters in Largo. TD AGENCY  |  Courtesy of Tech Data
    Largo’s Tech Data would be the fourth in as many years, though the potential sale seems far from a done deal.
  4. Former WTSP-Ch. 10 news anchor Reginald Roundtree, shown here with his wife Tree, filed a lawsuit Friday against his former employer alleging he was fired because of age discrimination and retaliation. [Times file] WTSP  |  FACEBOOK
    The suit comes after a federal agency took no action on age discrimination complaints he had filed.
  5. Guests of the Flying Bridge at the Tradewinds Resort, which is now under new ownership. [DOUGLAS R. CLIFFORD  |  Times]
    The new owner says he plans to keep its management and 1,100 employees.
  6. The University of South Florida has earned national accolades for its push to raise graduation rates. Student loan debt in Florida is so crushing that it makes it hard to afford a house.
    Staggering debt loads make it hard to buy a home.
  7. The “nakation” — aka clothing-optional tourism — is becoming one of the fastest-growing segments of the travel industry. Shirking that outer layer at nude beaches and resorts and even on clothing-optional cruises has become the vacation choice du jour for hundreds of thousands of free-spirited Americans. AP Photo/Caleb Jones
    It’s certainly bringing in big bucks in Florida, where the state’s tourism department reports that nude recreation made a $7.4 billion economic impact in the Sunshine State last year.
  8. Bay area gas prices increased by double digits since last week, according to AAA, The Auto Club Group. Pictured is a man in St. Petersburg filling up in 2017. [DIRK SHADD   |   Times (2017)] SHADD, DIRK  |  Tampa Bay Times
    Oil refineries’ seasonal maintenance, as well as wholesale gas prices, pushed prices higher.
  9. Former Morgan Stanley investment broker Ami Forte has been permanently barred from working in the broker-dealer industry as a result of thousands of improper trades that were made in the accounts of Home Shopping Network co-founder Roy Speer during the last months of his life. (AP photo | 2016) TAMARA LUSH  |  Associated Press
    Financial regulators barred brokers Ami Forte and Charles Lawrence as a result of more than 2,800 trades on Roy Speer’s accounts in 2011 and 2011.
  10. A conveyor belt takes bags of food from ghost restaurants to a room where delivery drivers pick up orders at Kitchen United's Chicago location on Aug. 29, 2019. Kitchen United, a start-up that builds kitchen commissaries for restaurants looking to enter new markets through delivery or take-out only, has plans to open 40 more kitchens in cities across the U.S. through 2020. (AP Photo/Teresa Crawford) TERESA CRAWFORD  |  AP
    Owner Michael Kudrna launched the four spinoffs earlier this year in a matter of weeks as he races to keep his Chicago-area business ahead of a growing trend.