Startup accelerator Techstars is raising $150 million for its new fund, SEC filings show. The accelerator is seeking new capital ahead of the end of the deployment period of its third institutionally-backed fund, Techstars Accelerator 2021, later this year.

Techstars declined to offer details on how it intends to use or deploy the funding, citing regulatory restrictions. However, like its predecessors, the new fund, Techstars Accelerator 2024, is expected to be used for accelerator-stage and/or post-accelerator investments.

Notably, the Boulder-based early-stage investor has used its current fund only for accelerator-stage investments. Its previous funds backed startups both during the accelerator stage and with follow-on investments after the program.

Fund 3 aimed to back more than 800 pre-seed and seed startups that are part of its global accelerator programs by the end of 2023. Through its accelerator groups, Techstars has so far backed over 3,500 early-stage startups in various sectors, including health tech, fintech, web3 and clean tech.

Startups going through Techstars’ three-month program receive $20,000 and a $100,000 convertible note in exchange for 6% to 9% of common stock, in addition to access to its network and mentorship, amongst other resources.

Founded in 2006, Techstars runs more than 50 accelerator groups in major cities across the globe, including New York, Los Angeles, London, Boston, Tel Aviv and Lagos. The accelerator launched the Lagos arm last year in partnership with ARM Labs as part of its plan to expand its specialist and generalist programs globally.

To double down on its growth and expansion plans, Techstars recently launched new funds to bolster its investment efforts.

Last year, for instance, it launched Rising Stars, a fund to back startups that are too early for its accelerator programs. Under this fund, Techstars will issue $100,000 checks in exchange for 7% to 10% equity.

The accelerator also launched the $80 million Advancing Cities Fund in partnership with JPMorgan to back over 400 startups by diverse founders in nine cities across the U.S.