Springboard has just announced that it is merging with TechStars to create TechStars London. Techstars was founded in 2007 in the US, and runs Accelerator programmes for start-ups. It has offices in Boulder, Boston, New York, Seattle, Chicago and San Antonio, and London is its first overseas expansion.
David Cohen, CEO and founder of TechStars said “We’ve had our eye on the burgeoning London tech scene for some time, well aware the US doesn’t have a monopoly on either tech skills or entrepreneurship. The current business climate here means we can work with an incredibly broad spectrum of British and international teams and top talent. Merging with Springboard will allow TechStars to deliver great results both for start-ups and investors.”
The funding offer for TechStars London will mirror that of the US programmes with an investment of €85K, being €15K of seed funding and an optional €70K convertible debt note for each company.
Springboard is on its fourth Accelerator programme here in the UK, the first was in Cambridge, the second and third in London (the latter was for Mobile businesses), and its present programme (with three corporates) is about businesses connected with the Internet of Things.