Global venture capital firm Accel has raised $575m for its sixth early-stage fund focused on European and Israeli startups.
This latest fundraise brings Accel’s funds under management in Europe to $3bn, as it seeks out early-stage deals in the consumer and enterprise sectors.
The firm had previously raised $500m for the fund’s predecessor, Accel London V, in April 2016.
In the past the VC has typically targeted Series A investment rounds, and has backed some Europe’s biggest startup successes such as Deliveroo, DocuSign, Funding Circle and Spotify.
Accel partner Philippe Botteri said, “The European technology market has truly come of age, and is home to a vibrant ecosystem of talented entrepreneurs, seasoned executives and an ample supply of capital at all stages.”
“What has struck us is the unprecedented level of activity across the region: exceptional teams and ideas are emerging everywhere, not only from the traditional hubs of London, Paris, Berlin and Stockholm but also from the likes of Prague, Milan, Aarhus and Bucharest.
“Europe’s successes over the last decade are inspiring a new generation of ambitious founders, and the emerging global players are growing faster than ever. It’s a golden time to be an entrepreneur in Europe.”
Accel launched its London-based operations in 2000 with the aim of exploring new opportunities and partnering with innovative businesses across Europe.
Accel recently joined a $568m Series D round for UiPath which valued the robotic process automation startup at $7bn.
The investor also made a recent contribution to the $60m Series C round of AI-powered InsurTech startup Shift Technology. The company delivers technology to improve fraud detection within fraud, by analysing and scoring claims.
Last month, Accel also contributed to the $10m funding round of derivative analytics platform Open Gamma. The startup delievers data analytics for banks, hedge funds, asset managers, and pension funds to better identify risks.
In March last year, the firm reportedly raised $2.5bn across a trio of venture capital funds.
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