Accel closes $4b global growth-stage fund 

Photo by 金 运 on Unsplash

Silicon Valley venture capital firm Accel has closed a new $4-billion global late-stage “leaders” fund, it announced in a blogpost on Tuesday.

The fund’s successful close comes amid a rapid chill in tech valuations that has caught major venture capitalists such as SoftBank and Tiger Global — once aggressive and cash-rich investors but now precariously low on liquidity.

Accel’s fundraising momentum further points to the success of its portfolio, which now spans globally across the US, Israel, Europe, India and more recently, Southeast Asia. Just earlier this year, Accel announced the $650-million close of the Accel India Fund VII, an early-stage vehicle that will deploy in Southeast Asia, in addition to India.

Accel India’s participation in Southeast Asia will also include early, growth and late-stage deals, its partners told DealStreetAsia in March, indicating that these funds will likely be put to use in the region.

The US venture capitalist has a bevy of funds in its arsenal.

The firm’s latest $4-billion late-stage “leaders” fund succeeds its previous $2.3-billion fund closed in December 2020. It also has a $1.75-billion sixth growth-stage vehicle. Both fund categories have the capability of writing $100-200 million cheques in potential breakout winners and near-term IPO contenders.

“This fund is a critical element in our global strategy, and will provide expansion capital to promising companies within our own portfolio worldwide, as well as to aspiring companies that are new to the Accel family,” Accel wrote in the blogpost.

“It also complements our early-stage and growth-stage funds where we will stay focused on being the first partner to seed and Series A fundings, and bootstrapped or lightly-capitalised businesses,” it added.

Among its noteworthy portfolio companies are Atlassian (Sydney), Browserstack (Mumbai), Celonis (Munich), Chainalysis (New York), CrowdStrike (Irvine), Flipkart (Bangalore), Freshworks (Chennai), Miro (Perm), Qualtrics (Provo), Slack (Vancouver), Snyk (Tel Aviv), Spotify (Stockholm), Swiggy (Bangalore), UiPath (Bucharest).

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