Accel closed three new funds totaling $3.05B. Its 15th early-stage, U.S.-focused fund came in at $650M, with the same sum allocated to its seventh early-stage European and Israeli fund. The largest new fund is its sixth global growth-stage fund with $1.75B in committed capital.
- The new global fund will complement a previous $2.3B Leaders Fund, which also focuses on later-stage global investing. Accel closed that fund in December.
- The new fund is substantially larger than the previous Leaders Fund from 2019, which closed at $500M, indicating the firm’s new priorities.
- According to partner Rich Wong, each fund will make 20 to 30 investments.
- The growth fund’s range is $50M to $75M, while the Leaders Fund will make bets in the $75M to $100M range.
- Wong emphasized that the 38-year-old firm will also continue incubating companies and writing $500,000 to $1M checks at the Seed stage.
- Since its last fund closing in 2019, 10 of Accel's portfolio companies, including Slack, UiPath, CrowdStrike, and others, have gone public.
- It also saw exits via acquisition from 40 portfolio companies, including Qualtrics’s $8B acquisition by SAP and Segment’s $3.2B acquisition by Twilio.