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

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.