Thursday, December 11, 2008

Accel Partners Closes A Billion In Two Funds

Palo Alto-based venture capital firm Accel Partners said Thursday that it has closed two new funds, worth nearly a billion dollars in investment capital. The firm said it closed Accel Growth Fund at $480M, and Accel London III at $525M. Accel Growth Fund will focus on growth equity opportunities, and will be managed by the same team as the firm's early stage Accel X fund, which includes Andrew Braccia, Jim Breyer, Kevin Efrusy, Sameer Gandhi, Ping Li, Arthur Patterson, Theresia Gouw Ranzetta, Jim Swartz, Peter Wagner, and Rich Wong. The fund will invest in in information technology, internet, digital media, mobile, networking, software, and services. Accel London III will focus on early stage and growth companies in Europe and Israel. Its London III fund has similar parameters, but will also invest in the communications sector, and will be managed by Kevin Comolli, Sonali De Rycker, Bruce Golden, Harry Nelis, Simon Levene and Kaj-Erik Relander.