On Jan. 13, Tesoro.vc, in partnership with StartupAZ, City of Phoenix and GPEC, announced the launch of its startup accelerator that will provide a premier network of resources for Arizona’s entrepreneurs. Tesoro.vc’s 12-week program assists new companies with the process of venture capital investment and ensure they are prepared for that next step. Two cohorts will begin annually, with a total of 100 startups supported each year. There are also plans for a VC demo day to facilitate investments into graduating startups, thought leadership events and post-program support such as ongoing advisory services, alumni engagement, mentorship and tailored demo days.
“From excellent co-working spaces to a collaborative entrepreneurial environment, Phoenix continues to demonstrate why we are one of the best cities for startups nationwide,” says Phoenix Mayor Kate Gallego in a press release. “With strong interest, growth and ideation booming across the semiconductor, climate-tech and healthcare sectors, there’s never been a better time to invest in and scale the great companies emerging from our community.”
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According to GPEC, Greater Phoenix has attracted more than $1 billion in venture capital investment in each of the last seven years — a number that had never been reached prior to 2018 — and the median deal size and median company valuation post-funding in 2024 were both record highs for the region.
“Greater Phoenix is home to a vibrant and rapidly expanding tech sector, and Tesoro Accelerator offers a new avenue for early-stage startups to access funding and critical guidance,” says Chris Camacho, president and CEO of GPEC in a press release. “By attracting and developing top-tier startups, Tesoro will amplify the region’s reputation as a premier location for innovation and investment.”
Andy Lombard, founder and CEO of Tesoro.vc, sees Arizona as being at a tipping point of becoming a global startup leader. His goal for growing the Valley’s startup ecosystem is predicated on what he calls “hyper-collaboration.”
“Phoenix is the fifth largest city in the country, but yet, we don’t have a high scale accelerator, and this is a point in time where we can take advantage of the incredible acceleration we have with semiconductors,” he says.
Tesoro.vc’s emphasis on hyper-collaboration acknowledges that entrepreneurial business growth is the most efficient when local government and regional organizations work together towards a common goal.
“This is not an individual effort… we need a broad-based partnership and collaborative environment…when founders land here, they’re going to have this breadth of experience from GPEC to integrate them into the community,” Lombard says. “StartupAZ is another incredible organization that fosters founders and helps them interconnect into the community.”