Accel Raises $650 Million Fund to Invest in European and Israeli Startups

Venture capital firm Accel has announced the successful raising of a $650 million fund devoted to investing in early-stage companies in Europe and Israel. This marks the eighth fund for Accel in the region since its establishment in London in 2000.

The firm has a strong focus on artificial intelligence and cybersecurity in its investments. The fund is expected to be invested over a period of around three years, with a typical fund lifespan of 12 years, with plans to support 25 to 30 new companies.

Accel has now backed 200+ companies across more than 60 cities, including portfolio companies in Finland (Supercell), France (BlaBlaCar, Doctolib, Shift Technology, Sorare), Germany (Celonis, Check24, Trade Republic, Personio, sennder), Israel (Cyera, Melio, Snyk), Lithuania (Vinted), Norway (ForgeRock), Sweden (Avito, Spotify), Romania (UiPath), UK (GoCardless, Monzo, Synthesia, Zepz). The focus of future investments will be on businesses addressing pressing problems, smart commerce solutions, and AI.