Skip to main content

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.”

Techstars will build and launch startups with new venture studio

 



from Startups – TechCrunch https://ift.tt/315EZYF
Labels:

Comments

Post a Comment

Popular posts from this blog

Axeleo Capital raises $51 million fund

Axeleo Capital has raised a $51 million fund (€45 million). Axeleo first started with an accelerator focused on enterprise startups. The firm is now all grown up with an acceleration program and a full-fledged VC fund. The accelerator is now called Axeleo Scale , while the fund is called Axeleo Capital . And it’s important to mention both parts of the business as they work hand in hand. Axeleo picks up around 10 startups per year and help them reach the Series A stage. If they’re doing well over the 12 to 18 months of the program, Axeleo funds those startups using its VC fund. Limited partners behind the company’s first fund include Bpifrance through the French Tech Accélération program, the Auvergne-Rhône-Alpes region, Vinci Energies, Crédit Agricole, BNP Paribas, Caisse d’Épargne Rhône-Alpes as well as various business angels and family offices. The firm is also partnering with Hi Inov, the holding company of the Dentressangle family. Axeleo will take care of the early stage in...
Post a Comment
Read more

TikTok’s rivals in India struggle to cash in on its ban

For years, India has served as the largest open battleground for Silicon Valley and Chinese firms searching for their next billion users. With more than 400 million WhatsApp users , India is already the largest market for the Facebook-owned service. The social juggernaut’s big blue app also reaches more than 300 million users in the country. Google is estimated to reach just as many users in India, with YouTube closely rivaling WhatsApp for the most popular smartphone app in the country. Several major giants from China, like Alibaba and Tencent (which a decade ago shut doors for most foreign firms), also count India as their largest overseas market. At its peak, Alibaba’s UC Web gave Google’s Chrome a run for its money. And then there is TikTok, which also identified India as its biggest market outside of China . Though the aggressive arrival of foreign firms in India helped accelerate the growth of the local ecosystem, their capital and expertise also created a level of competit...
Post a Comment
Read more