Renowned startup accelerator, Techstars has announced that it is raising $150 million in funding for its latest fund, according to SEC filings. Like the predecessors, the new fund for the Techstars Accelerator 2024, is expected to be used for accelerator-stage and post-accelerator investments.

By the end of 2023, Fund 3 aims to back more than 800 pre-seed and seed firms that are a member of its global accelerator programs. Over 3,500 early-stage firms in a variety of industries, including health tech, fintech, web3, and clean tech, have received funding from Techstars through its accelerator programs to date.

In addition to access to its network, mentorship, and other tools, startups participating in Techstars' three-month program earn $20,000 and a $100,000 convertible note in exchange for 6% to 9% of common stock.

Founded in 2006, Techstars runs more than 50 accelerator groups in major cities across the globe. These cities include New York, Los Angeles, London, Toronto, Boston, Tel Aviv, and Lagos. As part of its strategy to broaden the reach of its specialized and generalist programs internationally, the accelerator established the Lagos division last year in collaboration with ARM Labs.

To double down on its growth and expansion plans, Techstars recently launched new funds to bolster its investment efforts. For example, it introduced Rising Stars last year, a fund to support entrepreneurs that are too young for its accelerator programs. Techstars will provide $100,000 cheques as part of this fund in exchange for 7% to 10% equity.