David Cohen, co-founder of Techstars, has announced his return as Chief Executive Officer following the announced exit of CEO Maëlle Gavet at the end of the month due to health reasons.
Maëlle Gavet, who has led Techstars as Chief Executive for three and a half years, announced her resignation due to health concerns. In a LinkedIn post, Gavet revealed a personal history of thyroid cancer. “Eleven years ago, I underwent surgery to remove a cancerous thyroid,” she wrote. “While daily medication and regular checkups allowed me to manage the condition, recent tests indicated new nodules on my remaining thyroid.”
Over the past three and a half years, we have accomplished a great deal under Maëlle’s leadership.
Says Cohen.
In an email announcement, Cohen expressed confidence in Gavet’s leadership. “Over the past three and a half years, we have accomplished a great deal under Maëlle’s leadership,” he noted. “I want to thank Maëlle for pouring her passion, blood, sweat, and tears into Techstars. She built a great team, made many tough decisions, and bravely enacted complex changes that were sorely needed. But now Maëlle must focus on her health. I know I speak for everyone at Techstars when I say that we wish her strength and courage.”
Techstars, founded in 2006, helps entrepreneurs succeed by connecting startups, investors, corporations, and cities to build thriving startup communities. The company has made over 2,000 startup investments. In 2023, 469 Techstars portfolio companies raised a total of over $2.4 billion, with 322 of them raising rounds of $1 million or more. Applications to its programs doubled between 2022 and 2023, with only 3% of applicants being accepted into the programs.
Related post: Techstars and ARM Labs to invest $1.4 million in GetEquity and 11 others.
Cohen emphasized that while he is excited to be back as CEO, he was never far away. “I was the first employee and have been continuously involved since then. I was the first Managing Director of our first accelerator in Boulder and have served as CEO or co-CEO for thirteen of Techstars’ seventeen years. I have been on the Board since the company’s inception. I will continue to focus on making Techstars even better for founders!”
Techstars’ commitment to Africa was highlighted by the launch of the ARM Labs Lagos Techstars Accelerator Program in April 2022. This partnership with a Lagos-based innovation program focused on fintech startups has seen investments in approximately 22 early-stage fintech and proptech companies across Africa.
Read also: Nigerian logistics startup Renda raises $1.9M for growth.
Five months ago, Techstars announced the second cohort of companies for its accelerator program. The 14-week immersive program will see Techstars invest $120,000 in each startup, providing access to over $400,000 in cash equivalent hosting, accounting, legal support, and other benefits worth more than $5 million. The selected startups will receive tailored mentorship, world-class company-building support, lifetime access to the Techstars worldwide network, and targeted interactions with prospective investors to ensure a continuum of follow-up capital.
Recently, Techstars announced the closure of several accelerator programs in locations including Austin, Toronto, Seattle, Sweden, Boulder, and Norway. Notably, the Toronto program has invested significantly in African startups.
