Techstars, the Boulder, Colorado-based accelerator and network for entrepreneurs to grow and succeed, received a $42M investment round.
The round was led by SVB Financial Group (NASDAQ: SIVB), the holding company of Silicon Valley Bank, with additional participation from existing investors including Foundry Group. In addition to the financing, John China, President of SVB Capital, has joined Techstars’ Board of Directors.
The funding will accelerate Techstars’ growth for global expansion and continued growth.
Founded in 2006 by co-founders and co-CEOs David Cohen and David Brown, tech entrepreneur and venture capitalist Brad Feld, and the current Governor of Colorado, Jared Polis, Techstars is a global network that enables founders to connect with entrepreneurs, experts, mentors, alumni, investors, community leaders, and corporations to grow their companies through seed-stage accelerators, global startup ecosystem activations, corporate innovation, and entrepreneur-focused events.
Techstars consists of both an investment management business with $500 million in assets under management as well as an operating business that is approaching $100 million in annual revenue. The investment activity now includes 49 accelerator programs in 35 cities across 16 countries, deploying $80 million into nearly 500 startups on an annual basis.
The portfolio of 1,900 companies currently attracts an annual $2 billion in downstream investment from the venture capital industry.
Techstars also invests in global emerging startup communities by operating approximately 1,000 annual Techstars Startup Weekend events in 600 cities across 120 countries to surface and support future high growth companies.
Through its operating activities, it partners with nearly 100 corporations to provide corporate innovation solutions and is also an active partner with cities such as Buffalo (NY), Louisville (KY), and Turin (Italy) to further develop their startup communities.
Techstars employs more than 280 people across 20 countries.