According to the Securities and Exchange Commission's filings, startup accelerator Techstars is seeking $150 million for a new fund.
The company is looking for additional funding as the deployment phase of its third institutionally-backed fund, Techstars Accelerator 2021, comes to an end later this year.
Techstars is an international startup accelerator that provides early-stage entrepreneurs with a three-month mentorship program.
However, Techstars has refused to provide details on how it plans to utilize or deploy the funds, stating legal restrictions require it to be confidential.
The new fund, Techstars Accelerator 2024, is planned to be utilized for accelerator-stage and/or post-accelerator investments, similar to its past programs.
By the end of 2023, Fund 3 hoped to have backed over 800 pre-seed and seed firms through its worldwide accelerator programs.
In total, Techstars has funded approximately 3,500 early-stage entrepreneurs in a variety of industries, including health tech, banking, web3, and clean tech, through its accelerator programs.
Techstars three-month program provides startups with $20,000 and a $100,000 convertible note in return for 6% to 9% of common stock, as well as access to its network and mentorship, among other tools.
Techstars, which was founded in 2006, operates more than 50 accelerator groups in big cities across the world, including New York, Los Angeles, London, Boston, Tel Aviv, and Lagos.
The accelerator created the Lagos ARM last year in collaboration with ARM Labs as part of its global expansion of specialty and generalist programs.
Read more: https://www.investingport.com/techstars-accelerator-2024-seeks-150m-for-startups/