Accel Partners has closed its tenth fund with $520 million in capital commitments. The Palo Alto, Calif.-based firm had raised $400 million for its ninth fund back in 2004.
Accel Partners today announced the close of Accel X at $520 million.
Accel X plans to invest the $520 million fund over a roughly three-year time frame, continuing to invest in early-stage companies across a broad range of information technology, internet, digital media, mobile, networking and enterprise software subsectors. “We are optimistic that there will continue to be positive drivers in both the enterprise and consumer segments over the next few years and believe we are well positioned to capture a large share of these opportunities” said Theresia Gouw Ranzetta, General Partner at Accel.
The Accel X partnership includes Accel IX partners Jim Breyer, Kevin Efrusy, Ping Li, Arthur Patterson, Theresia Gouw Ranzetta, Jim Swartz, and Peter Wagner, and new partners to Accel X, Andrew Braccia and Rich Wong.
“We're pleased to have a partnership that spans multiple generations of investing and with deep experience across a wide range of sectors” said Jim Breyer, General Partner at Accel.
Ten Liquidity Events of Greater Than $100 million Over Last Four Quarters
Accel is also pleased to have participated in ten (10) liquidity events that were larger than $100 million in value over the past four quarters, with 4 IPOs and 6 M&A events. Accel also had several other smaller liquidity events over this same period.
Of note, Riverbed (RVBD) was the first networking IPO since 2001, and the best performing tech IPO of 2006, and MetroPCS (PCS) was the largest tech IPO in 2007 raising $1.15B. In addition, Comscore (SCOR), the leading internet analytics company completed its IPO in June 2007, and Infinera (INFN) a leading optical systems company completed its IPO in July of 2007. Accel was a Series A investor in all four of these companies.
In addition to the 4 IPOs, Accel also participated in 6 M&A liquidity events (> $100 million) including: Airgo (acquired by Qualcomm), Brassring (acquired by Kenexa), Reactivity (acquired by Cisco), Acopia (acquired by F5), Xensource (acquired by Citrix), and Zimbra (acquired by Yahoo).
About Accel Partners
Accel was established in 1983 with offices in Palo Alto and London, as well as in China via the IDG-Accel partnership. Accel also has a partnership that started in 2000 with Kohlberg, Kravis, & Roberts (KKR) that created the Accel-KKR fund for technology management buyouts. 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. www.accel.com
Example Accel investments have included: Actuate, Agile Software, Airgo, Arrowpoint, BBN Technologies, BitTorrent, Brightcove, Brightmail, ComScore, Facebook, Foundry Networks, Glam Media, Interwoven, JBoss, Kayak, Macromedia, Medio Systems, MetroPCS, Netopia, Northpoint, Omneon Video Networks, PictureTel, Polycom, Portal Software, Realnetworks, Redback, Remedy, Riverbed, SupportSoft, Tellium, Trapeze Networks, UUNet, Veritas, Walmart.com, Webroot, Wily Technology, Xensource and Zimbra, among others.