Venture capital firm Accel Partners will allocate capital to three new funds called Accel XIV LP, Accel Leaders Fund II LP, and Accel Growth Fund V LP. The firm had recently exited hotel booking platform HotelTonight through a buyout by accommodation sharing company Airbnb.
One of the world’s most prolific venture capital firms Accel Partners, which manages more than $1 billion worth assets under management in India, has raised more than $2.5 billion to back startups. Accel, which has invested in high-value companies including Facebook, Dropbox, Slack, Flipkart, Spotify, Cloudera etc., had filed paperwork with the US Securities and Exchange Commission (SEC) on Friday to raise the said amount across three new funds.
Out of $2.5 billion, Accel has raised $525 million for Accel XIV LP, which is the firm’s 14th venture fund and also the largest flagship fund it has raised so far, according to deals tracker Crunchbase. The second new fund is Accel Leaders Fund II LP of $500 million — a follow-up to its first ‘Leaders’ series fund — in which 167 investors have pooled in capital.
Another fund called Accel Growth Fund V LP, Accel’s fifth growth-stage fund, has raised $1.5 billion from 168 investors.
Among its most notable exits, has been the acquisition of hotel booking company HotelTonight by accommodation sharing giant Airbnb last week for reportedly more than $400 million. Accel had backed HotelTonight from its Series A round onwards and had also led the $37 million Series E round in the company in March 2017.
Founded in 1983, Accel has made 1, 256 investments and has raised $11.7 billion for its 23 funds so far. Its total number of exits stand at 265 including Facebook, Spotify, Groupon etc., according to data available on Crunchbase.
In India, Accel has invested in around 93 companies and was among the early backers in leading category players such as BookMyShow, Freshworks, Myntra, Power2SME, Portea, Swiggy, Tracxn etc. It had also backed Ola in its Series G round in 2015.
Accel, on Thursday, had participated in $65 million funding raised by digital insurance startup Acko. The round was led by Flipkart co-founder Binny Bansal.
Globally, Accel might also exit workplace productivity app Slack as the company had last month reportedly filed required paperwork to go public with the SEC.