BlockchainTechstars & Algorand to Drive Web3 Innovation in Boston

New Techstars class will focus on blockchain, cryptocurrency, decentralized finance and more
BusinessWire BusinessWireJune 23, 20226 min

Techstars, a global investment business that provides access to capital, one-on-one mentorship, and customized programming for early-stage entrepreneurs, announces the launch of Techstars Crypto Boston powered by Algorand. This highly personalized program gives startups the advantage they need to succeed by providing 1:1 mentoring and support and investment. With partner Algorand, 12 high-growth, early-stage startups will participate in an intensive, 13-week program on an annual basis over three years. The companies will receive the following:

  • Customized educational programming critical to startup growth
  • Access to the right sources of capital for each entrepreneur through our connections and network
  • Connection with the vast network of Techstars mentors, investors, alumni, and corporate partners
  • Up to $120K in funding

“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.

What is Web3?

Web3 is an internet that uses blockchain, cryptocurrencies and NFTs to give users control and ownership of online assets. Web3 is decentralized, permissionless and offers native payments. Boston is home to many cryptocurrencies and blockchain companies.

The new Techstars program is designed for startups that focus on innovative and fast-growing web3 development solutions that cut across the following:

  • Decentralized Finance (DeFi)
  • Gaming
  • Central Bank Digital Currency (CBDC)
  • Creator economy
  • Infrastructure
  • Climate tech
  • Cryptocurrencies
  • Supply chain
  • Payments and more

The Algorand blockchain has unique advantages in its infrastructure and its efficiencies but, perhaps most importantly, in its environmental approach. While crypto is an incredibly exciting technology, most blockchains are terrible for the planet. Algorand is the only chain that is not just carbon neutral but actually carbon negative. This is exactly the type of technology that aligns with Techstars’ ESG goals.

“Algorand’s roots are in Boston – that is where we have built a thriving ecosystem. We’re thrilled to collaborate with Techstars on accelerating high potential blockchain startups there,” said Staci Warden, CEO, Algorand Foundation.

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.

Startups interested in the program are encouraged to learn more by visiting Techstars Crypto Boston powered by Algorand. Corporations interested in learning more about Techstars Accelerators and Techstars’ dedication to corporate innovation can learn more at techstars.com/corporations.

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