With the new investment, Techstars, a start-up accelerator established in 2006, intends to double its global presence.
Silicon Valley Bank’s holding company, SVB Financial Group led the $42 million round in the company Techstars, with the active participation from Foundry group.
Techstars is both an operating business with about $100 million in annual revenue and a fund deploying capital for beginner level or early-stage startups with its $500 million AUM. The company announced its latest equity investment this morning and said it would fuel the latter, helping Techstars successfully expand throughout the globe.
David Cohen, founder and co-chief of Techstars said that the company will expand at a rapid pace, not just in Europe or North America, but also throughout Australia, Latin America, Asia and more.
Cohen also stated that the company would use its newly acquired funds to grow Techstars Studio, where they create and deploy their own companies; Techstars Talent, where it creates an array of lists of available startup roles and more; Techstars Ecosystem Development, which aids startups economies to sustain and help in growing communities.
Techstars currently operates a total of 49 accelerator programs in 35 cities spread across 16 countries. It is widely popular in the startup communities for providing immense support. From startups like ClassPass, Plated, PillPack to SendGrid, Techstars invests nearly $80 million every year in 490 startups.
Cohen explained that they have a consistently working business model which helps entrepreneurs succeed all around the world. As a result, it is creating a better world and future for everyone. Techstars focuses on delivering strong support to startups at their doorstep. The company believes that talent is equally present and distributed throughout the world, but fair opportunities are not. So Techstars wants to grow and expand their networks to be able to proffer more to startups and entrepreneurs that are scattered around the world.