VC firm Accel has held a final close for its sixth European early-stage fund, Accel London VI, on $575m.
It will follow the same strategy as its predecessor, Accel London V, which raised €500m in 2016 to invest in early-stage European and Israeli startups.
The raise brings Accel's AUM in Europe to $3bn.
Public pension funds, including the State of Michigan Retirement Systems, backed the previous fund, according to Unquote Data.
Accel will invest in startups across Europe and Israel at the series-A stage.
Accel – Philippe Botteri (partner).
Managing director Craig Ferguson discusses accelerated deployment activity during the pandemic and plans to scale up the PE allocation by 2025
Fund has a target of $600m, which it plans to reach by next year, according to Kommersant
Existing investors including Institut Català de Finances also take part in the financing
Biotech company initially raised €12m in December 2018