Accel said Tuesday it’s raised $650 million for its eighth fund targeted at investing in European and Israeli early-stage startups.
Accel said Tuesday it's raised $650 million for its eighth fund targeted at investing in European and Israeli early-stage startups.
Venture capital firm Accel said Tuesday it's raised $650 million for its eighth fund targeted at investing in European and Israeli early-stage startups, in a sign the venture capital market may be showing signs of a recovery., said in a press release it raised the fund to"support ambitious founders building global category-defining companies" in Europe and Israel.
Nelis noted that there are emerging geographies in Europe that investors aren't paying as much attention to, but that are showing huge potential in technology innovation. Against this backdrop, Accel's ability to raise such a large fund for European and Israeli ventures suggests the grim environment for technology may be showing signs of easing.
Instead, he said, the firm will focus on using its"prepared mind" philosophy — which encourages deep focus and a disciplined and informed approach to investing — to approach its next startup bets. Nelis said that the way Accel thinks about AI can be broken up into three layers: the"foundation model" layer, referring to algorithms underpinning advanced AI systems, the"tooling layer," which helps applications that sit on top of these algorithms run, and the"application layer."
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