Accel Partners targets European Internet start-ups with new fund

The $500m fund will be dedicated to development of start-ups in the communications and software/Internet markets

Accel Partners, the venture capital firm, is in the final stages of closing its Accel Europe Fund with commitments of $500m.

Accel has been an active presence in Silicon Valley for the past 16 years but is making inroads into Europe. Joe Golden and Kaj-Erik Relander will lead the European expansion. Golden was formerly Managing Director of Business Development and Strategic Alliances with Cisco Sytems for Europe, Middle East and Africa. Relander was formerly President and CEO of Sonera.

Accel, ’s strategy is to focus on picking trends in the next wave of technology early on and developing breakthrough ideas into successful companies. The firm has said that it expects to partner with regional venture firms throughout Europe to create a complementary investment team when appropriate.