Accel Raises $1.48 Billion for New Early Stage, Growth Funds

Accel Partners, the venture capital firm that made $6 billion from its early investment in Facebook Inc., raised $475 million for a new early stage investment fund and $1 billion for a growth fund.

The Palo Alto, California-based firm, which was founded in 1983 and last raised money in 2011, closed the new funds on March 17 after kicking off the process in January, Accel said in a statement.

Accel is seeking to invest in software infrastructure, cloud-based services, security, data storage, mobile applications, consumer applications, e-commerce, digital media and social media, Sameer Gandhi, an Accel partner, said in an interview.

“This is a good fundraising environment because there are good opportunities across multiple areas of technology that are evolving simultaneously,” Gandhi said. “It’s an exciting time to back tech startups.”

Accel said it has made more than $9 billion in the past year from transactions involving its portfolio companies, including the acquisition of AirWatch LLC by VMware Inc. (VMW), the purchase of Braintree Payment Solutions LLC by EBay Inc., and MoPub Inc.’s sale to Twitter Inc.

To contact the reporter on this story: Serena Saitto in New York at ssaitto@bloomberg.net

To contact the editors responsible for this story: Pui-Wing Tam at ptam13@bloomberg.net Jillian Ward, Reed Stevenson

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