Techstars has now halted European accelerator programmes in Paris, Berlin, Oslo, Stockhom and Turin.
Techstars, the global startup accelerator and VC firm which provides funding and support for early-stage startups, is ending its accelerator programme in Turin, marking its latest exit from a European city.
Martin Olczyk, Techstars former managing director, said: “I’m closing a very special Techstars chapter as our programme in Turin comes to an end.”
Techstars closing its accelerator in Turin follows Techstars halting European accelerators in Berlin, Paris, Stockholm and Oslo.
It comes amid New York-headquartered Techstars facing funding challenges and focusing on what it says is “quality over quantity”.
Techstars ran the Turin accelerator in partnership with Fondazione Compagnia di San Paolo, the philanthropic foundation, the non-profit Fondazione CRT, and Intesa Sanpaolo Innovation Centre, which is run by Intesa Sanpaolo, a major Italian banking group.
Techstars ran its first accelerator in Turin in 2020, with 69 startups participating over the years, raising more than $200m.
Techstars’ accelerator programmes typically run for three months, in which startups receive $220,000, (which was increased by $100,000 last year), along with mentorship and access to alumni founders and its corporate partners.
According to its website, Techstars is still running European accelerator programmes in London and Amsterdam, as well as several accelerators in the US, Saudi Arabia, Japan and other countries.
Andrea Palten, vice president, marketing, Techstars, said: “Over the past year, we have recommitted to being founder-first, focusing on quality over quantity, and building stronger startup communities around the world.
“As part of that work, we’ve made thoughtful decisions about where and how we operate accelerators.
“We are actively launching and relaunching programmes in communities where we see strong founders’ momentum, deep alignment and the opportunities to deliver and an exceptional experience.
“We have reached the end of our six-year partnership with Fondazione Compagnia di San Paolo, la Fondazione CRT e Intesa Sanpaolo Innovation Center and concluded the Techstars Transformative Torino accelerator.
“While the official program has wrapped, Techstars and Martin Olczyk will continue to work with the 69 companies who participated.”
Reaction to the closure was mixed. One commentator on LinkedIn said it was “very bad news” for Turin, while others said the accelerator had had a positive impact on the Turin startup ecosystem. Olczyk has now left his role at Techstars.