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Accel closes $60 Million venture funding
By siliconindia
Bangalore: Venture firm Accel India has closed a $60 million venture fund to invest in seed and early stage opportunities in India.
The Fund will pursue a multi-sector strategy, targeting opportunities in Technology, Technology-enabled Services, Internet, Mobile, Media, Life Sciences, Consumer Products and Services, and other high-growth sectors of the Indian economy. The fund has attracted top tier institutional investors from North America, Europe and Asia.
Accel was established in 1983 and invests from offices in Palo Alto and London, as well as in China via the IDG-Accel partnership. With over $4 billion under management, Accel has helped world-class internet and technology entrepreneurs build over 300 successful companies, many of which have become category-defining enterprises. Example Accel investments have included: comScore, Facebook, JBoss, Kayak, Macromedia, MetroPCS, Polycom, Realnetworks, Redback, Remedy, UUNet, Veritas and Walmart.com.
Accel will typically be the first institutional investor in a new venture, and will play an active role in supporting the management to shape the portfolio company�s direction. Accel India is managed by four partners: Mahendran Balachandran, Gagan Kumar, Subrata Mitra and Prashanth Prakash.
"Accel India is pleased to have gained the support of our industry's elite investors," said Peter Wagner, Partner at Accel Partners. "The Accel India team is already functioning as a key element of our Accel global network, to the benefit of talented, passionate entrepreneurs in India and around the world."
Seed and early stage markets continue to be under served in India, attracting less than five percent of the total Venture capital funds. Accel India�s specialization in the seed and early stage investments would position it as the dominant player in this space.
