Accel raises $1bn in funds

The Facebook investor has closed two funds totalling more than $1bn to continue its growth investment strategy.

Venture capital firm Accel Partners has closed two new funds – the Accel Growth Fund at $480 million and Accel London III at $525 million.

The funds will target early stage and growth companies in Europe and Israel, investing in software, information technology and mobile communications.

In November, Accel closed a $60 million venture fund targeting early stage investment in India. Last year, it closed the $520 million Accel X Fund for global investment in early stage companies in information  technology, internet, digital media, mobile, networking and enterprise software subsectors.

Established in 1983 with offices in Palo Alto and London, Accel Partners has more than $6 billion in assets under management. The firm’s portfolio includes social networking giant, Facebook, advertising firm, Focus Media, and digital software company, Real Networks.