Techstars Lands $42 Million to Keep Boosting Startups

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Startup accelerator Techstars announced it has completed its latest funding round.

The $42 million it just raised comes from SVB Financial Group, parent company of Silicon Valley Bank. Additional participation comes from Foundry Group and other investors.

Techstars invests in accelerator programs in 35 cities worldwide. It current has a portfolio of 1,900 startups, attracting $2 billion in annual funding from VC’s.

It also helps launch new startups with 1000 annual Techstars Startup Weekend events in 600 cities across 120 countries.

“Being the largest and most active global seed investor requires a mindset and approach that is completely distinct from traditional venture capital,” said Techstars Co-CEO David Cohen, in a statement. “Techstars has created and is scaling an entirely new type of early-stage private equity asset.”

Techstars hopes to use the new funding to fuel more new startups through seed-stage accelerators, global startup ecosystem activations, corporate innovation, and entrepreneur-focused events.