Following what it describes as ‘unprecedented speed and demand’, Accel Partners has achieved a final close for its latest fund.
Its Accel London IV fund is now worth $475 million (£314 million) and will be targeting early and growth-stage technology companies in sectors including consumer internet, big data, cloud, SaaS and mobile. The remit of the fund will be limited to Europe and Israel.
Kevin Comolli, partner at Accel London, comments, ‘The fact that Accel London IV was raised in eight weeks and was significantly over-subscribed is a powerful endorsement of Accel London and the market opportunity in Europe and Israel from our world-class investors.’
Accel London’s current portfolio includes music streaming service Spotify, short-term loan platform Wonga and black taxi booking app Hailo.
Founded in 1983, Accel Partners has offices in Palo Alto, London, New York City and Bangalore, as well as in China via its partnership with IDG-Accel.
More on Accel Partners fund closings:
Lars Bjork, CEO of Accel Partners portfolio company QlikTech, adds, ‘Accel’s latest fund is excellent news for the European market. The London team’s deep local knowledge and experience, combined with Accel’s global network of resources and Silicon Valley Heritage, make it unique amongst venture firms, offering a distinct advantage to entrepreneurs looking for a partner to help build a category-defining, world-class business.’
QlikTech listed on NASDAQ in 2010 resulting in a $400 million return to the Accel Fund.
The Accel London investment team includes Kevin Comolli, Sonali De Rycker, Bruce Golden, Harry Nelis, Philippe Botteri and Michiel Kotting.
