The US-based seed accelerator Techstars, which has already partnered with UK bank Barclays for a Tel Aviv accelerator to develop innovative financial technology solutions with Israeli startups, announced a brand new 13-week accelerator program in Tel Aviv.
The new program, dubbed Techstars Tel Aviv Accelerator, “will provide a hands-on mentorship as well as access to the Techstars worldwide network to support founders and entrepreneurs interested in growing their business in the city of Tel Aviv,” a statement from the Colorado-based network said.
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A previous statement from Techstars said that the program will invest $1.2 million in 10 local Israeli startups as part of its first cohort. But the company has since announced that startups worldwide interested in accelerating their businesses in Tel Aviv are encouraged to apply and that they will likely invest more than the previously stated amount.
The Techstars Tel Aviv accelerator will be led by entrepreneur and Techstars Israel Managing Director, Hila Ovil-Brenner, with support from Program Manager Frank Godina. Ovil-Brenner, a serial entrepreneur who is the founder of WhiteSmoke Software company and Yazamiyot, Israel’s largest community for female entrepreneurs, was also the head of the Barclays Accelerator powered by Techstars. The Barclays accelerator launched in 2014.
“Through my experience as a Techstars managing director over the past two years, I’ve witnessed the amazing magic of the Techstars’ worldwide network of corporate partners, investors and mentors,” said Ovil-Brenner. “It’s inspiring to see so many people come together to support young companies at every step of their entrepreneurial journey. The launch of Techstars Tel Aviv will further support entrepreneurship in the heart of the Israeli Startup Nation, which will lead to more exceptional founder success stories out of Israel.”
The three-month program is set to begin in March 2020 and will last until June, culminating in a demo day the week of June 22, 2020. Applications will be accepted through December 8, 2019.
Founded in 2006, Techstars is the worldwide network helping entrepreneurs succeed by connecting with them with experts, mentors, alumni, investors, community leaders, corporations, and other entrepreneurs to grow their companies.
Techstars operates three divisions: Techstars Startup Programs, Techstars mentorship-driven Accelerator Programs, and Techstars Corporate Innovation Partnerships. The network’s portfolio includes more than 1,900 companies with a market cap of $23 billion