Techstars, J.P. Morgan to launch new startup accelerator

BOULDER — Techstars and JPMorgan Chase & Co. (NYSE: JPM) are partnering to launch a new startup accelerator that will invest $80 million in a diverse group of founders.

The program will be “focused on advancing equitable access to funding in major economic centers,” Techstars said in a prepared statement.

Atlanta, Chicago, Detroit, Miami, and Washington will be the first five cities where investment will occur, followed by Los Angeles and New Orleans, New York and Oakland in 2023.

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“The multi-year program will focus on entrepreneurs and founders that have been overlooked by traditional venture capital sources,” Tiffany Lewis, head of diverse manager strategy at J.P. Morgan Private Bank, said in a prepared statement. “This new commitment will advance the shift toward more equitable economic opportunities through access to financial services, mentorship, quality education and training, and promoting inclusive business practices.”