American seed accelerator, Techstars has secured $42 million funding in a round led by SVB Financial Group. The round also had participation from Techstars’ existing investors like Foundry Group. They plan to leverage the newly secured fund to expand globally.
Techstars has about $500 million assets under its management with about $100 million in annual revenue. Aside from global expansion, Techstars also plans to fund more seed-stage accelerators, global startup ecosystem activations, corporate innovation, and entrepreneur-focused events.
John China, President of SVB Capital who recently joined Techstars’ Board of Directors said the Techstars team has been well-positioned in a way that suits the proper development of their platform. He said they are also well-positioned to enable and support their founders, investors and startup ecosystems around across the world. He also said SVB is looking forward to making a bigger positive impact on the innovation economy through Techstars.
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Techstars has up to 49 accelerator programs in 35 cities across 16 countries and also deploys about $80 million into 500 startups on an annual basis. The platform has a portfolio of 1,900 companies. It currently attracts over $2 billion in annual downstream investment from the venture capital industry.
They also organize an estimate of 1,000 annual Techstars Startup Weekend events in 600 cities across 120 countries. This is in a bid to help surface and support future high growth companies.
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