The roles have reversed.
Best known for accelerating other businesses, Techstars announced on Tuesday that it plans to invest in itself with a $42 million raise to focus on global expansion and growing business operations.
The funding will also be allocated toward Techstars Studios, which helps launch early-stage startups, Techstars Startup Ecosystem Development, which keeps companies alive and growing and Techstars Talent, which shows open job postings at over 1,500 companies.
Headquartered in Boulder, Techstars is a startup accelerator that connects leaders, entrepreneurs and mentors with one another and invests in startups. The growing network is close to reaching $100 million in revenue for its business operations and is currently managing $500 million in assets.
Techstars says it invests about $80 million in almost 500 new startups each year, with portfolio companies including ClassPass and DataRobot — and the list goes on. Along with making investments, Techstars hosts about 1,000 events yearly in over 120 countries.
It’s a big week for Techstars. Along with the fresh funding, Techstars also announced its sustainability partnership with The Nature Conservancy. Ten companies will participate in an intensive three-month competition in Denver, Colorado. The companies will receive mentorship and coaching from The Nature Conservancy’s experts and conservation scientists to establish new and eco-friendly ways to further their business.
The $42 million round was led by SVB Financial Group. Techstars employs more than 280 employees all around the world.
