TLDR:
- Accel raises €602.6M fund to support early-stage startups in Europe and Israel
- Plan to make 30 investments over the next three years in sectors like cybersecurity and AI
Global venture capital firm Accel has announced a new €602.6M fund to back early-stage startups in Europe and Israel. This is the eighth fund of its kind for the firm, which typically invests in startups during their early stages, offering funding ranging from $1M to $20M for seed and Series A rounds. Over the next three years, Accel plans to make around 30 investments in various sectors, including cybersecurity, enterprise software, and AI.
Since 2000, Accel has had an office in London and has been supporting early-stage entrepreneurs in Europe and Israel. Despite doubts about Europe’s potential for tech success at the time, Accel believed in talented founders worldwide and has since been a part of many successful ventures. Europe has seen significant growth in its tech scene, with the emergence of unicorns like Skype, Supercell, and UiPath, showcasing rapid development in the region.
Although European startups received less funding in 2023 compared to previous years, there has been a steady increase in the number of investors putting money into European tech companies. Accel has backed over 200 companies in 60 cities and 20 countries across Europe, including success stories like Supercell, BlaBlaCar, and Spotify. The firm initiated its scout program in Europe in 2021, providing scouts with $200K each to discover, invest in, and nurture startups with significant potential.
Accel, founded in 1983, has invested in companies like Atlassian, Etsy, Facebook, Slack, and Spotify, among others. The firm aims to continue supporting the growth of startups in Europe and Israel by leveraging its deep networks and expertise to help entrepreneurs scale and succeed globally.
