Accel Partners closes two funds adding up to nearly $1.5 bln


Accel Partners, the Palo Alto, Calif.-based venture firm that was an early investor in Facebook, has closed two news funds totaling $1.475 billion.

The firm raised $475 million for its 12th main fund, the same size as Accel XI, which closed in 2011. The firm also raised $1 billion for Accel Growth III, exceeding the $875 million that the firm raised for its second growth fund, which also dates back to 2011, according to Thomson Reuters.

Not unexpectedly, Jim Breyer, who led the firm’s investment in Facebook in 2005, is reducing his role in the new fund, as Fortune reported, as he continues to focus his time on Breyer Capital, the Boston Silicon Valley-based personal investment fund that he says on his LinkedIn profile he setup in 2006.

As previously reported, Kevin Efrusy, who as a junior partner helped to bring Facebook to the attention of Accel, said he will not be a managing member of the firm’s next venture fund. Meanwhile, in early February, Theresia Gouw, who had been with Accel for 15 years, announced her decision to leave the firm to team up with Jennifer Fonstad of Draper Fisher Jurvetson to launch their new firm called Aspect Ventures.

Breyer, Efrusy and Gouw all remain listed on the Accel site.

But the investment team has made additions. Late last year, Brian O’Malley, formerly a partner at Battery Ventures, joined Accel as a partner. Eric Wolford has joined as venture partner, while John Locke and Jake Flomenberg, previously principals, were promoted to partner.

In announcing the fund closes, Accel said that Facebook, which went IPO in 2012, is one of 28 exits the firm has realized since January 2010. In addition, the firm said that over the last 12 months, it has seen its exits eclipsing $9 billion in valuation, including the $800 million acquisition of Braintree by PayPal late last year.

Photo of funding sign from Shutterstock.

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