Accel launches new $500m fund to back UK tech

financingAccel, the international Venture Capital firm, has launched Accel V – a new $500m fund to support the expanding UK tech scene.

“Entrepreneurship is flourishing everywhere across Europe and Israel” says Harry Nelis, partner at Accel London. “We’ve never seen so many great founders, both gritty and ambitious, come out of the region, and are excited to help them build the next generation of truly great, enduring businesses”.

“We are grateful to be backed by many of the world’s best institutions, including premier endowments, pension funds and research institutes, and will continue to work hard to generate superior returns so that they too may be successful in serving their communities”.

Accel, which opened its first London office back in the late 90s, also has teams in San Francisco, New York, and Bangalore. While the fund confirmed that the UK market remains its priority, a spokesperson has said it would also be looking abroad to tech companies in Europe and Israel. Some of Accel’s best ventures include on-demand food delivery giants Deliveroo, and alternative finance unicorn (a company with a valuation of $1bn, or over) Funding Circle.

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