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.
Harry Nelis, general partner at Accel, said the European tech ecosystem in particular has evolved drastically in the nearly 25 years since it opened up its London office as a separate fund in 2001. A report released by the firm last year citing Dealroom data showed that employees of 248 venture-funded unicorns in the region have fueled 1,451 new tech startups across Europe and Israel.
That's as macroeconomic uncertainty caused by Russia's full-scale invasion of Ukraine, coupled with higher interest rates from central banks, has caused something of a reset in technology valuations. "It's on its way back," Grimeland said in an interview at Antler's London office in March. "We see a lot more activity in the portfolio. In New York, we made eight investments in January, and seven of them already have follow-on investments. The U.S. tends to always act quicker."Even as startup funding has waned, though, excitement about artificial intelligence has led to a rush of capital flowing into startups focusing on AI.
"Together with smaller centers across Europe, we think that Europe is extremely well-positioned to create some important AI companies, the same way we created important enterprise businesses.
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