Techstars CEO Maëlle Gavet steps down citing "health reasons"

Maëlle Gavet, who has led Techstars as Chief Executive for three and a half years, has announced her resignation due to health concerns.

In a LinkedIn post on Wednesday, Ms. Gavet revealed a personal history of thyroid cancer. "Eleven years ago, I underwent surgery to remove a cancerous thyroid," she wrote. "While daily medication and regular checkups allowed me to manage the condition, recent tests indicated new nodules on my remaining thyroid."

David Cohen, Techstars' co-founder and chairman of the Board, will assume the CEO role. "Under Maëlle's leadership, we've achieved a great deal," Mr. Cohen said.

During Gavet's tenure, Techstars invested in over 2,000 startups. The company's portfolio companies raised a combined total exceeding $2.4 billion in 2023, with 322 exceeding the $1 million mark.

Techstars' commitment to Africa was highlighted by the launch of the ARM Labs Lagos Techstars Accelerator Program in April 2022. This partnership with a Lagos-based innovation program focused on fintech startups has seen investments in approximately 22 early-stage fintech and proptech companies across Africa.

Gavet's vision for Africa was evident during a 2021 visit to Nigeria. "We see Africa, and particularly Nigeria, as a key market," she stated. "Our goal is to integrate into the existing ecosystem, not impose solutions from afar. We believe Lagos is brimming with hundreds, if not thousands, of potential entrepreneurial investments."

Outside Africa, Gavet's tenure wasn't without controversy. Her leadership style attracted criticism, with accusations from employees and managing directors that it fostered a tense work environment, leading to a significant number of staff departures.

This was accompanied by the closure of Techstars accelerator programs in several locations, including Austin, Toronto, Seattle, Sweden, Boulder, and Norway. Notably, the Toronto program, which had a significant focus on African startups (with 40% of its investment portfolio dedicated to Africa as of September), was also shut down.