Business
Techstars nabs $42M to expand its global presence
Techstars, a startup accelerator founded in 2006, has plans to double down on international growth with a new investment.
SVB Financial Group, the holding company of Silicon Valley Bank, led the $42 million round in Techstars, with participation from Foundry Group.
With $500 million AUM, Techstars is both a fund deploying capital to early-stage upstarts and an operating business nearing $100 million in annual revenue. Its latest equity investment, announced this morning, will fuel the latter, helping Techstars accelerate its global expansion efforts.
“Expect to see Techstars continue to expand more rapidly, not just in North America and Europe, but also throughout Asia, Latin America, Australia and more,” Techstars founder and co-chief executive officer David Cohen tells TechCrunch.
Cohen adds the company will also use the fresh funds to grow Techstars Studio, where it builds and launches its own companies; Techstars Ecosystem Development, which helps communities grow and sustain startup economies; Techstars Talent, where it lists available startup roles and more.
Techstars currently runs 49 accelerator programs in 35 cities in 16 countries. Known for backing a number of companies, including Plated, ClassPass, SendGrid and PillPack, Techstars invests roughly $80 million into 490 new startups per year.
“We have a model that is working consistently,” Cohen adds. “We’re helping entrepreneurs succeed all over the world. In turn, this is creating a better future for everyone. We owe it to entrepreneurs everywhere to bring the power of the Techstars network to their doorstep. We believe that talent is equally distributed around the world, but the opportunity is not. It’s on us to continue to grow our network for the benefit of current and future generations of entrepreneurs around the world.”
-
Entertainment5 days ago
Hands-on with the Claude AI app: It’s pleasant to use, but janky
-
Business5 days ago
Haun Ventures is riding the bitcoin high
-
Entertainment4 days ago
Apple Watch Series 9 vs. SE: A smartwatch skeptic tested both for 13 days
-
Entertainment7 days ago
‘Bridgerton’: Everything you need to remember before Season 3
-
Entertainment5 days ago
5 essential gadgets for turning your home into a self-care sanctuary
-
Entertainment3 days ago
The greatest films on Prime Video right now
-
Business4 days ago
Apple: pay attention to emerging markets, not falling China sales
-
Business4 days ago
Google dubs Epic’s demands from its antitrust win ‘unnecessary’ and ‘far beyond the scope’ of the verdict