21. March 2013–
Prominent venture capital firm Accel Partners today announced the first and final close of a new $475m fund focused on Europe and Israel.
The new fund – London IV, to be run out of the firm's European headquarters in that city – is aimed at early and growth-stage companies across a wide spread of industries: consumer internet, big data, cloud, SaaS and mobile. If it follows the previous Accel playbook, it will be able to make investments of between $500,000 to $50m.
"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 partner in London Kevin Comolli said in a press statement.
The Financial Times reported today that 65 per cent of the investors in Accel's new fund hail from the US – according to Comolli, a further vote of confidence in Europe – and 30 per cent from Europe. He added the firm would place less emphasis on consumer internet with the new fund and more on big data, cloud computing and SaaS.
Accel Partners' biggest hits include Playfish, QlikTech and Kayak. QlikTech – a business intelligence software company backed by Accel and Jerusalem Venture Partners in an $12.5m round in 2004 – listed on the NASDAQ in July 2010, which the firm claims returned over $400m.
Other partners in the London office include Sonali De Rycker, Bruce Golden and Harry Nelis. The firm also has offices in Palo Alto, New York City and Bangalore, and is active in China via a partnership with IDG-Accel.
Image credit: flickr user TJ Morris