Techstars, the global startup accelerator and VC firm, has announced the closure of its accelerator programme in Turin. This decision follows the suspension of similar programs in other European cities, including Berlin, Paris, Stockholm and Oslo.

Martin Olczyk, former managing director of Techstars, said: "I’m closing a very special Techstars chapter as our programme in Turin comes to an end."

Program Details

Techstars ran its first accelerator in Turin in 2020, in partnership with Fondazione Compagnia di San Paolo, Fondazione CRT, and Intesa Sanpaolo Innovation Center. Over the years, 69 startups participated in the program, raising more than $200 million in total.

Techstars' accelerator programmes typically run for three months, in which startups receive $220,000 (increased by $100,000 last year), mentorship, and access to a network of alumni founders and corporate partners.

Reasons for Closure

The closure of the Turin program comes at a time when Techstars is facing funding challenges and focusing on a strategy that prioritizes "quality over quantity."

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.”

Despite the closure of the official program, Techstars and Martin Olczyk will continue to work with the 69 companies who participated.