Key Takeaways:
– Techstars Seattle, a pivotal entity in the city’s tech sphere, is shutting down to focus on cities with robust venture capital communities.
– The closure follows a memo announcing Techstars’ intent to concentrate on leading startup hubs like SF, NY, Boston, and LA.
– Over 200 companies have participated in Techstars-related accelerators in Seattle, collectively raising more than $2.5 billion in private capital.
– Despite the closure, Techstars promises to continue seeking and supporting founders across the Pacific Northwest.
– Techstars Seattle managing director, Marius Ciocirlan, will now steer the remote-first Techstars Anywhere program.
Techstars to concentrate resources in cities with high VC activity
Techstars Seattle, a pioneering accelerator, is set to close as the company turns its gaze to locations with stronger venture capital communities. The move reveals the company’s strategy of maximizing its impact in major startup hubs such as San Francisco, New York, Boston, and Los Angeles.
Fond memories of Techstars Seattle
Since setting its roots in 2010, Techstars Seattle has substantially shaped the local tech arena. Notably, the accelerator’s most recent batch held its Demo Day this past January. Former managing director, Chris DeVore, lauds the program’s significant influence on Seattle’s startup scene.
Alumni from Techstars Seattle, including the likes of Remitly, Outreach, and Zipline, have burnished the accelerator’s reputation. The program has proven highly productive, with its companies raising over $2.5 billion in private capital. In terms of return on investment and subsequent funding, Techstars Seattle outshone several other Techstars initiatives.
DeVore expressed surprise at the cancellation of the esteemed Seattle program. He described it as the source of many of Techstars’ celebrated successes. The program’s closure comes as a shock to the Seattle tech community.
Not deserting the Pacific Northwest
Despite the closure, Techstars confirms its commitment to founders across the Pacific Northwest. The company encourages them to apply to core city programs in San Francisco, New York, Boston, and Los Angeles; the remote-first program – Techstars Anywhere; or more sector-specific partner programs across the country.
In comparison to other prominent tech hubs, venture capital activity in Seattle has been somewhat lackluster. The city’s companies attracted $751 million in venture capital last year, a measly sum compared with Silicon Valley’s $30.3 billion, New York’s $11.4 billion, Boston’s $5.8 billion, and Los Angeles’s $4.8 billion.
What’s next for the Techstars Seattle team?
Following the closure, Marius Ciocirlan, the current managing director of Techstars Seattle, has been selected to manage Techstars Anywhere. Meanwhile, Sarah Studer, director of platform for Techstars Seattle, and program manager Jacob Laes have been offered new roles within the company.
The impact of Techstars Seattle will be remembered by the region’s tech ecosystem, despite the plug being pulled. The program’s departure may, in the end, pave the way for new prospects for the Pacific Northwest’s aspiring entrepreneurs.