Accel raises $500m for latest European and Israeli vehicle

The VC did not use a placement agent and stated it raised the fund within a "matter of weeks".

The vehicle's predecessor, Accel London IV, held a final close on $475m in March 2013 after only eight weeks on the road.

Investments
While it will have a broad investment remit within the technology space, Accel London V will primarily target companies operating in the software-as-a-service, e-commerce and IT sectors.

The new fund will make early- and growth-stage investments with a focus on the UK market, though it will make investments across Europe and Israel.

The VC's existing investments include London-based food delivery business Deliveroo, Paris-headquartered car-sharing business BlaBlaCar and software company ForgeRock, which was founded in Norway but is now headquartered in San Francisco.

The firm previously invested in Finnish mobile games developer Supercell, which was acquired by Japanese telecoms group SoftBank and GungHo Online Entertainment in October 2013 in a deal valuing the business at around $3bn.

Investors
The new fund raised commitments from LPs including premier endowments, pension funds and research institutes.

People
Accel – Harry Nelis (partner).

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