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American venture capital firm Accel raises £513m to fund European and Israeli start-ups

Written by Thu 16 May 2024

Well-known for its investments in firms like Dropbox, Spotify and Deliveroo, American venture capital firm, Accel, has created a £513 million ($650 million) investment fund focusing on artificial intelligence (AI) and cybersecurity firms in Europe and Israel.

“The Accel team has long believed that ambitious founders can come from anywhere. Almost 25 years on, the decision to make the leap and become one of the first Silicon Valley venture firms to set up a European team has proved well-placed,” said the venture capital firm in a blog post.

Recognising the rapid growth of the European and Israeli venture capital markets, which saw total investments increase from just £868.1 million ($1.1 billion) in 2003 to £52 billion ($66 billion) in 2023, Accel has now backed more than 200 firms in 20 countries across Europe and Isreal. A great deal has changed for the better in the European technology space since Accel opened their London office in 2000.

A number of tech unicorns like Skype, Supercell and UiPath have been founded over the past two decades and helped to cement the position of Europe as a significant player in the global tech landscape.

Around 30 investments are expected to be made over the three years fund period, with funding amounts ranging from £789,200 ($1 million) to £15 million ($20 million). Due to the growth of the sector, the European and Israeli venture capital market is estimated to be close to half (44%) of the US market size.

“We believe Europe and Israel’s entrepreneurs are just getting started and building on the foundations laid over more than two decades. We are grateful for the trust placed in us by the teams who have chosen to partner with us over this time and the Limited Partners who share our vision for the region,” said Accel.

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Written by Thu 16 May 2024

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