Accel, formerly known as Accel Partners, is an American venture capital firm. Accel works with startups in seed, early and growth-stage investments. The company has offices in Palo Alto, California and San Francisco, California, with additional operating funds in London,[1][2] India[3] and China (through a partnership with International Data Group (IDG-Accel)).[4]
 | |
| Formerly | Accel Partners |
|---|---|
| Company type | Private |
| Industry | Venture capital |
| Founded | 1983 |
| Headquarters | Palo Alto, California, U.S. |
| Products | Venture capital, Growth capital |
Number of employees | 300 (2024)  |
| Website | www.accel.com |
History
editIn 1983, Accel was founded by Arthur Patterson and Jim Swartz.[5] The co-founders developed the firm's "Prepared Mind" investment philosophy based on the Louis Pasteur quote "Chance favors the prepared mind.",[6] which requires "deep focus[7]" and a disciplined and informed approach to investing.[8]
In 2000, Accel entered a joint-venture with Kohlberg Kravis Roberts to form Accel-KKR, a technology-focused private equity investment firm focused on control investments in middle-market companies.[9]
In 2001, Accel opened its London office as a separate fund, to invest in European technology companies,[10] focusing on Series A and Series B investments.[11] Its European investments include Avito (acquired by Naspers for $1.2 billion),[12] BlaBlaCar,[13] Deliveroo,[14] HopIn,[15] Spotify and Supercell (acquired by Tencent for $8.6 billion) and UiPath[16] among others.
In addition to Accel's continued investments in early-stage startups from the Accel early stage fund, the firm announced a $480 million growth fund in December 2008, focused on growth equity opportunities in information technology, the internet, digital media, mobile, networking, software, and services.[17]
In March 2016, Accel raised $2 billion, $500 million for an early stage venture fund and $1.5 billion for growth investments.[18] In April 2016, Accel raised a separate $500 million fund for investments in Europe and Israel.[19] In November 2016, Accel's India arm closed its fifth fund with $450 million, about two years after closing its fourth fund with $325 million.[20][21]
In May 2019 Accel closed a $575 million fund, which led to financing Series A of European and Israeli startups. The round was the largest in the region and the total amount of funds managed by Accel reached $3 billion.[22]
Portfolio
editAccel is a venture capital firm that concentrates on the following technology sectors:[23][24]
- Consumer
- Infrastructure
- Media
- Mobile
- SaaS
- Security
- Customer care services
- Enterprise software
- E-commerce
Investments
editAccel works with seed, early and growth-stage investments.[25] Its seed and early stage investments include Laravel, Cloudera, Dropbox, Dropcam, Facebook, Flipkart, Jet.com, Podium, Webflow[26] and Slack. The firm's growth capital investments focus on more developed companies that require a larger amount of capital to expand their business.[27] Examples include Atlassian, DJI and Qualtrics.[28]
Recent exits include:
- Arista Networks: IPO valuation of $2.7 billion in 2014[29]
- Atlassian: IPO valuation of $4.4 billion in 2015[30]
- Avito: acquired by Naspers for $1.2 billion in 2015[31]
- Braintree: acquired by PayPal for $800 million in 2013[32]
- Cloudera: IPO valuation of $2.3 billion in 2017[33]
- Despegar: IPO valuation of $1.97 billion in 2017[34]
- Etsy: IPO valuation of $1.78 billion in 2015[35]
- Meta: IPO valuation of $104 billion in 2012[36]
- ForeScout: IPO valuation of $935+ million in 2017[37]
- Fusion-io: acquired by SanDisk for $1.1 billion in 2014[38]
- Iron Planet: acquired by Ritchie Bros. for approximately $758.5 million in 2017[39]
- Jet: acquired by Walmart for $3.3 billion in 2016[40]
- Krux: acquired by Salesforce for $700 million in 2016[41]
- Lynda.com: acquired by LinkedIn at a $1.5 billion valuation in 2015[42]
- Legendary Pictures: acquired by Wanda Group for $3.5 billion in 2016[43]
- Rovio: IPO valuation of $1 billion in 2017[44]
- Supercell: acquired by Softbank for $5.5 billion in 2015 and acquired by Tencent for $8.6 billion in 2016[45]
- Trulia: IPO valuation of $448 million[46] and acquired by Zillow for $3.5 billion in 2014[47]
- Facilio: financed for $6,4 million together with Tiger Global.[48]
Legal entities
editThough the brand is one, there are at least 4 different, independent legal entities. In the US, it is Accel Management Co. Inc. based in Palo Alto, California. In London, there are Accel London Management Limited and Accel Partners Management LLP. There is also IDG-Accel China, legally IDG VC Management Ltd, located in Hong Kong.[49]
Geographies
editAccel's US fund is headquartered in Palo Alto, California, with offices in San Francisco, California.[50] Accel's European fund is headquartered in London, England and Accel's India fund is headquartered in Bangalore, India.[51]
References
edit- ^ "Accel raises $500 million fund to double down on Series A and B rounds in Europe and Israel - Tech.eu". 11 April 2016. Retrieved 2016-09-12.
- ^ "Private Equity Week Wire for Tuesday 6/12 - PE HUB". PE HUB. Retrieved 2016-03-04.
- ^ Russell, Jon (24 March 2015). "Accel Announces New $305 Million Investment Fund For India". TechCrunch. Retrieved 2016-03-04.
- ^ Mac, Ryan (March 19, 2014). "Accel Partners Raises New Funds Totaling Over $1 Billion As Facebook Investor Jim Breyer Reduces Role". Forbes.
- ^ "Accel Team Jim Swartz". Archived from the original on 2016-01-24. Retrieved 2016-01-01.
- ^ "A Venture Capitalist View of the Top 5 Entrepreneurial Energy Opportunities". Retrieved 2016-09-19.
- ^ "Accel Partners, Venture Capital Fund: Andrew Braccia, Investments". www.fundingpost.com. Retrieved 2016-09-19.
- ^ "Accel Boosts Team - PE Hub". 2013-07-24. Retrieved 2016-09-19.
- ^ "History of Kohlberg, Kravis, Robert & Co".
- ^ Kapner, Suzanne (2001-05-30). "U.S. Venture Capital Sees Treasure in Europe". The New York Times. ISSN 0362-4331. Retrieved 2016-08-23.
- ^ Dillet, Romain (11 April 2016). "Venture firm Accel just raised a new $500 million European fund". TechCrunch. Retrieved 2016-08-23.
- ^ "Naspers acquires Russia's Avito in $1.2 billion transaction". 23 October 2015. Retrieved 2016-08-23.
- ^ Rao, Leena (16 January 2012). "Accel Leads $10M Round In European Airbnb For Car Ride-Sharing, BlablaCar". TechCrunch. Retrieved 2016-08-23.
- ^ "Deliveroo grabs $25M to bring its premium meal delivery service to more cities". VentureBeat. 29 January 2015. Retrieved 2016-08-23.
- ^ "Hopin might be the fastest growth story of this era". TechCrunch. 7 January 2021. Retrieved 2021-01-24.
- ^ "UiPath confirms $153M at $1.1B valuation from Accel, CapitalG and KP for its "software robots"". TechCrunch. 6 March 2018. Retrieved 2021-02-03.
- ^ "Accel closes two funds totaling more than $1B". VentureBeat. 11 December 2008.
- ^ "Accel Raises $2 Billion to Invest in Start-Ups". The New York Times. 15 March 2016.
- ^ Dillet, Romain (11 April 2016). "Venture firm Accel just raised a new $500 million European fund". TechCrunch. Retrieved 2016-08-11.
- ^ Loizos, Connie (30 November 2016). "Accel India closes its newest fund with $450 million — and in record time". TechCrunch. Retrieved 2016-12-03.
- ^ "Accel Closes India Venture Fund". Fortune. Retrieved 2017-01-26.
- ^ "Accel closes $575M fund to double down on European and Israeli Series A deals". TechCrunch. 15 May 2019. Retrieved 2019-05-16.
- ^ "Accel". Accel. Archived from the original on 2016-08-08. Retrieved 2016-08-12.
- ^ "Accel Partners Teardown". 2016-02-05. Retrieved 2016-08-12.
- ^ "Accel Partners Teardown". 2016-02-05. Retrieved 2016-08-19.
- ^ "No-Code Website Builder Webflow Went From Near Bankruptcy To A $72 Million Series A Funding Round". Forbes. August 7, 2019.
- ^ Loizos, Connie (15 March 2016). "Venture firm Accel Partners just raised $2B from its investors". TechCrunch. Retrieved 2016-08-19.
- ^ Ha, Anthony (15 May 2012). "Qualtrics Raises $70M From Accel And Sequoia: "The Biggest Software Company You Haven't Heard Of"?". TechCrunch. Archived from the original on Dec 5, 2021.
- ^ Das, Avik (5 June 2014). "Arista Networks IPO values company at about $2.75 billion". Reuters. Retrieved 2014-06-05.
- ^ "Top 5 of Successful High-Tech IPOs in 2015". The Strategist. December 25, 2015. Retrieved 2016-08-18.
10th of December, Australian company Atlassian raised $ 462 million, posting 22 million shares at $ 21 on the NASDAQ. Thus, the company was valued at $ 4.4 billion.
- ^ Spillane, Chris; Khrennikov, Ilya (23 October 2015). "Naspers Takes Control of Russia's Avito in $1.2 Billion Purchase". Bloomberg. Archived from the original on Sep 25, 2016. Retrieved 2016-09-06.
- ^ Rao, Leena; Perez, Sarah; Lunden, Ingrid (26 September 2013). "EBay's PayPal Acquires Payments Gateway Braintree For $800M In Cash". TechCrunch. Archived from the original on Sep 25, 2016. Retrieved 2016-09-06.
- ^ Kendall, Marisa (April 28, 2017). "Cloudera, Silicon Valley's latest IPO, pops in first day trading". Mercury News. Retrieved 2017-04-28.
But some of the excitement that performance should have caused was tempered because Cloudera ended the day worth about $2.3 billion — a far cry from the $4.1 billion valuation it last received as a private company.
- ^ Subba, Nikhil; Rabouin, Dion (2017-09-20). Ravikumar, Sai Sachin; O'Brien, Rosalba (eds.). "Argentine travel firm Despegar stock jumps on U.S. IPO". Reuters. Retrieved 2017-09-20.
- ^ D'Onfro, Jillian (Apr 15, 2015). "Etsy prices its IPO at $16 per share, making it worth $1.78 billion". Business Insider. Retrieved 2016-08-18.
- ^ Raice, Shayndi; Das, Anupreeta; Letzing, John (2012-05-18). "Facebook Prices IPO at Record Value". Wall Street Journal. ISSN 0099-9660. Archived from the original on Aug 26, 2016. Retrieved 2016-08-18.
At $38 a share, Facebook is valued at $104 billion, the biggest-ever valuation by an American company at the time of its offering.
- ^ Barinka, Alex (October 26, 2017). "Accel-Backed ForeScout Climbs After Raising $116 Million in IPO". Bloomberg. Archived from the original on Oct 28, 2017. Retrieved 2017-10-27.
- ^ Cao, Jing; King, Ian (16 June 2014). "SanDisk to Buy Fusion-io for $1.1 Billion". Bloomberg. Archived from the original on Sep 11, 2016. Retrieved 2016-09-06.
- ^ "Ritchie Bros. Completes Its Acquisition of IronPlanet, Growing Digital Presence and Offering Unprecedented Choice to Customers". PRNewswire (Press release). May 31, 2017. Retrieved 2017-05-31.
Ritchie Bros. acquired IronPlanet for approximately $758.5 million, subject to customary closing adjustments.
- ^ Selina_y_wang, Shannon Pettypiece spettypi Selina Wang. "Wal-Mart to Acquire Jet.com for $3.3 Billion to Fight Amazon". Bloomberg.com. Retrieved 2016-08-18.
- ^ "Salesforce Buys Krux, the Data-Management Platform, for $700 Million". 3 October 2016. Retrieved 2016-10-03.
- ^ "LinkedIn Enters Ed Tech with Lynda.com Acquisition – Its Largest Acquisition Ever". 2015-04-09. Retrieved 2016-08-18.
- ^ "It's Official: China's Wanda Acquires Legendary Entertainment for $3.5 Billion". The Hollywood Reporter. 11 January 2016. Retrieved 2016-08-18.
- ^ Forsell, Thomas (2017-09-28). "Angry Birds maker Rovio valued at $1 billion in IPO". Reuters. Retrieved 2017-09-28.
- ^ Osawa, Juro; Needleman, Sarah E. (2016-06-21). "Tencent Seals Deal to Buy 'Clash of Clans' Developer Supercell for $8.6 Billion". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-08-18.
- ^ "'A sigh of relief' for Silicon Valley as consumer-Web stock Trulia soars in IPO". 20 September 2012. Retrieved 2016-09-06.
- ^ Christie, Les (2014-07-28). "Zillow buys Trulia for $3.5 billion". CNNMoney. Retrieved 2016-09-06.
- ^ "Tiger Global and Accel lead facility management startup Facilio's $6.4M Series A". TechCrunch. 5 December 2018. Retrieved 2018-12-05.
- ^ "Accel - Legal".
- ^ "Accel". Accel. Retrieved 2016-09-15.
- ^ "Connect". Accel. Retrieved 2016-09-15.
External links
edit- Accel (company website)