The venture capital firm has loaded up with fresh cash in three separate funds to invest in US and European companies.
Venture capital firm Accel has announced the close of three funds totalling $3.05bn to back both early-stage and growth-stage companies.
The three funds will give Accel more firepower to continue backing new start-ups as well as the funds to provide follow-on capital.
This all comes in the form of a $650m fund to invest in US early-stage start-ups, a $650m fund to back European and Israeli early-stage start-ups, and a growth fund of $1.75bn that will invest in maturing companies. The firm did not disclose the names of any limited partners.
The near-40-year-old firm has been a mainstay in tech investing in the US initially but has spread its wings further into global markets.
These new funds will allow it to continue backing young start-ups on each side of the Atlantic and to continue backing companies through its growth fund.
Each fund is expected to invest in around 20 or 30 companies, partner Rich Wong told TechCrunch. The growth fund will be cutting cheques in the $50m to $75m range, he added, but the firm will also be doing smaller seed deals where appropriate in the other two funds.
“Though much has changed in the world with entrepreneurship stretching across the world at an accelerating rate, much has stayed the same at Accel,” the firm said in a statement. “We long ago designed ourselves as a global partnership to work with the most innovative companies, wherever they may originate.”
Of late, Accel has invested in a number of European companies, from early-stage start-ups to growth-stage companies.