The startup accelerator Techstars is the latest tech-sector organization to cut staff, citing a reduction in the number of early-stage ventures it supports every year.
Techstars, which is based in New York City and has accelerators in New York, Chicago and Los Angeles, among other cities, is cutting 17% of its global team. That number equates to 46 workers, according to media reports.
A spokesperson for Techstars declined to comment.
Techstars CEO David Cohen wrote in an email made public Wednesday that it became clear that "we overbuilt and over hired."
"We built a business with the capacity to support thousands of new investments annually but the reality is that we have been investing in around 700 startups a year," he wrote.
The cuts mostly affected workers in engineering, portfolio services and sales or partnerships, one source told the Boston Business Journal, an affiliated publication.
As a global organization, Techstars reportedly missed its 2023 revenue goals.
