Accel Partners has closed its latest series of US venture capital funds with a total of $2 billion, according to a blog post from the venture capital firm.
Accel Growth Fund IV raised $1.5 billion while Accel XIII raised $500 million, according to PEI Research & Analytics.
Accel XIII focuses on mainly early stage VC investments, while Accel Growth IV focuses on later-stage investments.
The new funds are closing at a time when startup valuations continue to be high and when the initial public offering market has shut down, two concerns that the firm addressed in its Tuesday blog post.
“While the well-documented concern about private market valuations and public market turbulence present serious and challenging issues today, the potential impact of venture capital to assist entrepreneurs in creating the future continues to irrevocably expand,” the firm wrote.
Accel XII closed a year ago on $475 million. Accel Growth Fund III closed at the same time on $1 billion. Limited partners in the funds include the Delaware Public Employees’ Retirement System, the Michigan Department of Treasury and Adams Street Partners, according to PEI Research.
In an earlier blog post, the Palo Alto, California-based company outlined at the beginning of the year some of the attractive investment areas it has identified, which include video.
“We believe that we’re in the golden age of video as consumers demand new and faster ways, from professionals and amateurs alike, to fill their appetite for mobile content,” the firm wrote. Although it’s still early, the firm also believes that augmented and virtual reality experiences hint at a future where video evolves into something immersive and interactive.