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With over 3 million users and plans to open up more broadly in the months ahead, Bluesky is still establishing itself as an alternative to Twitter/X. However, that hasn’t stopped the developer community from embracing the project and building tools to meet the needs of those fleeing the now Elon Musk-owned social network, formerly known […] © 2024 TechCrunch. All rights reserved. For personal use only. from TechCrunch https://ift.tt/TBbEAPF
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Techstars raising $150 million for new accelerator fund

Startup accelerator Techstars is raising $150 million for its new fund, SEC filings show. The accelerator is seeking new capital ahead of the end of the deployment period of its third institutionally-backed fund, Techstars Accelerator 2021, later this year.

Techstars declined to offer details on how it intends to use or deploy the funding, citing regulatory restrictions. However, like its predecessors, the new fund, Techstars Accelerator 2024, is expected to be used for accelerator-stage and/or post-accelerator investments.

Notably, the Boulder-based early-stage investor has used its current fund only for accelerator-stage investments. Its previous funds backed startups both during the accelerator stage and with follow-on investments after the program.

Fund 3 aimed to back over 800 pre-seed and seed startups that are part of its global accelerator programs by the end of 2023. Through its accelerator groups, Techstars has so far backed over 3,500 early-stage startups in various sectors including healthtech, fintech, web3 and cleantech.

Startups going through Techstars’ three-month program receive $20,000 and a $100,000 convertible note in exchange for 6% to 9% of common stock, in addition to access to its network and mentorship, amongst other resources.

Techstars debuts new fund for companies too early for its own accelerator

Founded in 2006, Techstars runs over 50 accelerator groups in major cities across the globe, including New York, Los Angeles, London, Boston, Tel Aviv and Lagos. The accelerator launched the Lagos arm last year in partnership with ARM Labs as part of its plan to expand its specialist and generalist programs globally.

To double down on its growth and expansion plans, Techstars recently launched new funds to bolster its investment efforts.

Last year, for instance, it launched Rising Stars, a fund to back startups that are too early for its accelerator programs. Under this fund, Techstars will issue $100,000 checks in exchange for 7% to 10% equity.

The accelerator also launched the $80 million Advancing Cities Fund in partnership with JPMorgan to back over 400 startups by diverse founders in nine cities across the U.S.

Techstars names Maëlle Gavet CEO as the accelerator group looks to expand

Techstars raising $150 million for new accelerator fund by Annie Njanja originally published on TechCrunch



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