Silicon Valley venture capital firm Accel Partners has raised $1.35bn for two technology-focused funds in under two months.
With fundraising beginning in April this year, the firm attracted commitments of $875m for its Accel Growth II Fund, nearly double the $480m raised for Accel Growth I in 2008, and also $475m for its Accel XI Fund, down slightly from the $520m raised for the previous fund in that series in 2007.
The new vehicles are to stick to Accel’s traditional investment focus on the cloud services, social media, gaming as a service, consumerisation of software, and open mobile sectors.
Accel has made over 47 investments in the past 12 months, with deal values ranging from $100,000 to $60m, including seed investments in BaubleBar and HotelsTonight, early stage investments in BranchOut and Yardseller, and growth investments in Squarespace and Yapstone.
The firm also opened an office in New York in January, adding to branches in Palo Alto, London, Beijing, Shanghai, Bangalore and New Delhi.
One of Accel’s most recent investments was a $12m injection into Finnish game developer Supercell.
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