Techstars has currently invested about two-thirds of the fund, Gavet recently told TechCrunch, adding that the bank is “an amazing partner” and “very active in our program.”
However, J.P. Morgan has yet to tell Techstars whether it will renew the partnership for an Advancing Cities 2 Fund once the initial contract expires in December, sources say. That decision was supposed to be handed down last summer so that Techstars could start fundraising and begin deploying capital in 2025.
This means the fate of the Advancing Cities programs — and some of the around 20 people who work at Techstars in this program — is up in the air.
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