Accel Raises Fresh $2 Billion From Investors to Fund Startupsby
After a string of fat returns, Accel Partners is back for more.
The Silicon Valley venture capital firm -- which made lucrative early bets on companies like Facebook Inc.-- has raised a fresh $2 billion to invest in startups.
Accel amassed its funding in just eight weeks, bringing in a handful of new limited partners and inviting existing ones to re-commit.
In a blog post announcing the funding, Accel acknowledged the dip in private valuations of some technology startups recently and said the turbulence in the public markets presents "serious and challenging issues." But the potential impact of tech innovation, especially at the early stages, is solid and unchanging, Accel said.
With the new investment, the 33-year-old firm is maintaining both its strategy and technology focus by continuing to back nascent startups in software, cloud, infrastructure and consumer services. The firm will invest in young companies via its $500 million early stage fund and continue backing them and more mature businesses through its $1.5 billion growth fund.
The firm’s partners will remain the same: Andrew Braccia, Sameer Gandhi, Ping Li, Ryan Sweeney and Rich Wong.
Accel spotted opportunities in a number of budding companies, investing in the Series A rounds of Atlassian Corp., Cloudera Inc., Dropbox Inc., Flipkart Online Services, Slack Technologies Inc. and Supercell Oy.