Techstars, which runs the Farm to Fork food tech accelerator (among many others), announced a $42 million investment in fresh funding today. The round was led by SVB Financial Group, with participation from existing investors including Foundry Group.
According to the press release and an article published on TechCrunch, the new funding will go towards helping Techstars further expand its business globally. Techstars founder and co-CEO David Cohen told TechCrunch we can expect to see the company grow its presence in Asia, Latin America, and Australia as well as Europe and North America in future. He said the new investment will also go towards further developing Techstars Studio, the Techstars Ecosystem Development, and Techstars Talent.
Right now, the company runs 49 startup accelerator programs across 16 countries in addition to backing hundreds of startups through its VC arm.
Some of those efforts are food related: In 2018, Techstars launched its Farm to Fork accelerator program, which works with early- and late-stage startups in areas like agri tech, manufacturing, and waste reduction. Its alumni include Renewal Mill, Spoonshot, and Big Wheelbarrow.
Techstars also teamed up with BSH for the BSH Future Home Accelerator, which is all about finding innovative appliance-makers and connected-kitchen companies. Meal kit company Plated and smart water cooler company Bevi are among the food-focused companies backed by Techstars’ VC arm.
While the funding news doesn’t specifically mention food-related companies, there will no doubt be at least a few new food tech startups landing on the Techstars roster in the near future as the company continues its expansion around the globe.