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 also lost millions of dollars more by year’s end (in adjusted EBITA) than it had anticipated it would, additional documents that discussed mid-year performance outlined. Techstars recently shut its Boulder and Seattle accelerators after pausing its Austin-based program.
While Techstars Toronto is not shutting down imminently, it has paused its programming for now, and its long-term future in the city remains to be determined.
Earlier this week, accelerator group Techstars announced changes to its operations. Techstars found itself facing criticism for some of its decisions and execution after announcing it would shut down its Boulder and Seattle accelerators after recently shuttering its Austin-based program, which TechCrunch was first to report in December. For example, Zillow co-founder Spencer Rascoff said on X that the Techstars memo about closing its Seattle program was a “brutal takedown” of that city’s startup scene.