Accel Partners raises more than $1 billion for two VC funds

Summary:Accel Partners said Thursday that it has raised more than $1 billon for two new venture funds--Accel Growth Fund and Accel London III--recession be damned.Accel said in a statement (Techmeme) that the Growth Fund raised $480 million with London III bringing in $525 million.

Accel Partners said Thursday that it has raised more than $1 billon for two new venture funds--Accel Growth Fund and Accel London III--recession be damned.

Accel said in a statement (Techmeme) that the Growth Fund raised $480 million with London III bringing in $525 million. Accel also noted that these are "unique economic times."

The Growth Fund will "focus on growth equity opportunities across a broad range of sectors, including: information technology, internet, digital media, mobile, networking, software, and services."

London III will invest in early stage and growth companies across Europe and Israel and focus on the same technology sectors as the Growth Fund.

Topics: Banking

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Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic. He was most recently Executive Editor of News and Blogs at ZDNet. Prior to that he was executive news editor at eWeek and news editor at Baseline. He also served as the East Coast news editor and finance editor at CN... Full Bio

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