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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.
As Techstars retools, some former staffers say it lost focus on what made it successfulWell-known accelerator group Techstars announced a slew of changes to its operations this week, including the shuttering of some of its city-based programs.
And one former Techstars managing director (MD) told TechCrunch that the move away from local fundraising for city-based accelerator programs was an error.
One former managing director (MD) said that having local limited partner investors in Techstars meant that more people in those cities had a stake in its local programs.
The shift away from local capital and more focus on corporate dollars meant that city-based boosters and founders were less central to Techstars’ focus, the MD said.
Still, Techstars faces competition, not just from Y Combinator domestically, but from other accelerator programs in the US and elsewhere around the world.
Europe’s startup ecosystem has not been immune to the global recession, with funding rounds drying up and companies leery of hitting ephemeral valuations. However, there are some notable exceptions: A…
