Maëlle Gavet, who has served as the CEO of Techstars for three and a half years, has announced her resignation due to health issues.
In a LinkedIn post on Wednesday, Gavet shared her history of thyroid cancer. "Eleven years ago, I had surgery to remove a cancerous thyroid," she wrote. "While I have managed the condition with daily medication and regular checkups, recent tests have revealed new nodules on my remaining thyroid."
David Cohen, co-founder and chairman of Techstars' Board, will step into the CEO role. "Under Maëlle's leadership, we have accomplished a great deal," Cohen said.
During Gavet's leadership, Techstars invested in over 2,000 startups, with its portfolio companies raising over $2.4 billion in 2023 alone, and 322 of these companies surpassing the $1 million mark.
Techstars reinforced its commitment to Africa with the launch of the ARM Labs Lagos Techstars Accelerator Program in April 2022. This initiative, in partnership with a Lagos-based innovation program, has supported around 22 early-stage fintech and proptech startups across Africa.
Gavet’s vision for Africa was evident during her 2021 visit to Nigeria. "We view Africa, particularly Nigeria, as a vital market," she stated. "Our aim is to integrate into the existing ecosystem rather than imposing solutions from outside. We believe Lagos has immense potential for entrepreneurial investments."
However, Gavet's tenure also faced challenges. Her leadership style was criticized, with some employees and managing directors alleging it created a stressful work environment, leading to numerous staff departures.
Additionally, Techstars closed several accelerator programs under her leadership, including those in Austin, Toronto, Seattle, Sweden, Boulder, and Norway. The closure of the Toronto program, which had a significant focus on African startups (40% of its investment portfolio was dedicated to Africa as of September), was particularly notable.
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