Tuesday, July 30, 2019

Techstars Raises $42M For Startup Acceleration Efforts

Startup accelerator operator Techstars--which has a big presence in Los Angeles--has raised a big, $42M funding round, led by SVB Financial Group (the holding company of Silicon Valley Bank), and which also included Foundry Group and its other existing investors. According to Techstars, the deal will help it accelerate its growth, through seed-stage accelerators, global startup ecosystem activations, corporate innovation, and entrepreneur-focused events. Techstars has been instrumental in running a number of Los Angeles area startup accelerators, and currently is running classes at Techstars Los Angeles and the Techstars Starburst Space Accelerator. Techstars says it now runs 49 accelerator programs, spread across 35 cities across 16 countries. John China, President of SVB Capital, has joined the board of directors of Techstars. (Editor's note: Silicon Valley Bank has been a longtime supporter of socaltech, although this does not affect our coverage).