Techstars Partners With Algorand To Drive Web3 Innovation

June 22, 2022 2:13 pm

Techstars is known as a global investment firm that that provides mentorship and capital to early stage startups that are within the tech and crypto industry.

The firm just announced a new program that is called “Techstars Crypto Boston Powered By Algorand”  where the firm will essentially partner with Algorand to provide support and investments in high growth startups.

The program is expected to support a total of 12 startups with the aim to help drive new Web3 innovation while expanding the use cases of the Algorand blockchain.

The understanding is that Web3 is a space that is still very early in its infancy and that collaborating with a project like Algorand will ensure that all projects are built upon a stable foundation.

EagleTribune reports:

“Boston has a deep history in blockchain technology,” said Greg Raiz, Techstars Boston managing director. “We believe we’re still in the early innings of Web3 with most consumers currently aware of crypto but still not using it in day-to-day interactions.

We are excited to partner with Algorand in advancing the community and creating a vibrant ecosystem to ensure that Boston is well established as a leader in crypto.”

The three-month program runs January through April 2023 and is currently accepting applications for the inaugural class. The application deadline is September 14, 2022. Techstars is seeking companies focused on sustainable blockchain technology to power the economic models of the future.

This program will spark new energy and drive additional capital for early stage Web3 founders. With this new program, Techstars will be tripling the total number of annual investments it makes in Boston in 2023.

Some of the other reasons for why Techstars had selected Algorand for their blockchain of choice was due to the fact that Algorand is a carbon negative blockchain.

This aligned with the firm’s approach and its environmental initiatives as the majority of blockchains are harmful for the planet.

The firm has operated a large amount of capital before where it has invested in over 100 startups with a market cap of over $4 billion.

As a result, investors see this new initiative with Algorand to have the potential to accelerate Algorand’s growth via the introduction of more investment capital even during the current crypto bear market.

Yahoo concludes:

Techstars has operated accelerators in Boston since 2012, through which it has invested in more than 186 startups with a combined market cap of $4.3B that have raised more than $2.05B in venture funding to date.

Techstars has invested in more than 3,000 companies with a combined market cap of more than $140B.

Algorand is transforming economic models and economies of all kinds. Founded by Turing Award–winning cryptographer Silvio Micali, Algorand’s high–performing Layer-1 blockchain is unparalleled for bringing fast, frictionless, and inclusive technologies to everyone.

As the technology of choice for 2000+ global organizations, the Algorand ecosystem is transforming the next generation of financial products, protocols and exchange of value.

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