reserves 2023: Techstars Leaks Financial Report Revealing $7 Million Loss, Yet Remains Well-Funded
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Leaked documents show Techstars lost $7 million in 2023 but still had plenty of cash Cuts to Techstars programs are not surprising given its 2023 financial performance.
Cuts to Techstars’ staff and its decision to shutter certain accelerators came after it missed its 2023 revenue goals, according to documents outlining its preliminary 2023 results viewed by TechCrunch.
Techstars 2023 budget targeted an average of 68 “active accelerator programs,” but was reduced to 61 in its mid-year forecast.
The good news was that TechStars had plenty of cash in 2023 to handle these troubles and its closing cash balance in 2023 was actually much better than originally anticipated.
But these documents reveal that the company closed last year with around $50 million in cash for its operational budget.