Accel Closes $475 Million Fund as Wonga, Rovio GrowMatthew Campbell
Accel Partners, the venture-capital firm that backed Facebook Inc. and Trulia Inc., said it closed a $475 million fund focused on future investments in Europe and Israel.
The Accel London IV fund will invest in companies focused on consumer Internet businesses, data storage and analysis, and software as a service, the firm said in a statement. It was raised in eight weeks, said Accel, which is based in Palo Alto, California.
Accel is among venture-capital investors looking to attract capital to back fast-growing European companies. Rovio Oyj, the Finnish maker of “Angry Birds” mobile games, and U.K. online lender Wonga.com are adding users and signaling plans for initial public offerings. Fundraising for European-focused venture funds fell almost 55 percent last year to about $2.5 billion, according to research firm Preqin Ltd.
“There’s more evidence and more data points that you can build big, category-defining companies with European origins,” said Kevin Comolli, an Accel partner in London.
In addition to Rovio and Wonga, the firm’s European investments include Mind Candy, the maker of “Moshi Monsters” online games, and Russian classifieds site Avito.ru.