Accel Partners has merged with Erasmic Venture Fund, a Bangalore-based seed-stage investor currently investing out of a $10 million fund. The result will be the formation of Accel India Venture Fund, which plans to raise $60 million.
Accel Partners, a leading venture capital firm operating in Silicon Valley, Europe,
Accel India Venture Fund will be managed by four experienced partners who currently are the Partners of Erasmic Venture Fund (EVF). EVF is one of the leading seed and early-stage investment groups in
“Accel sees a tremendous need and opportunity for an active, highly-engaged approach to early-stage investing in
“We are very excited to be a part of the Accel team,” said Prashanth Prakash, Partner at Accel India Venture Fund. “The combination of the powerful Accel platform and our team's deep involvement in the local entrepreneurial process will help create a new generation of category-defining companies in
Accel's Global Platform
Accel is uniquely positioned amongst the leading venture capital firms by virtue of its global strategy. Accel was created in 1983 as a US-based firm focused on Silicon Valley but also investing selectively internationally, particularly in
The Accel India Venture Fund Strategy
Accel India Venture Fund will seek to work with India's best entrepreneurs from the very earliest stages of the new venture creation process. This will include seed-stage investing as well as investments in growing companies that have already begun their operations. In all cases, the Accel India Venture team will provide extensive company-development assistance and strategic support well beyond its cash investment. 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.
Accel India Venture Fund will typically be the first institutional investor involved in a new venture, and will play an active role in supporting management to shape the venture's direction. As the portfolio companies develop, Accel India Venture Fund will welcome the involvement of other high-quality investment firms in future financing rounds.
“We look forward to enhancing our catalyzing role in early stage venture capital,” said Subrata Mitra, Partner at Accel India Venture Fund. “We hope that our efforts will help many more gifted Indian entrepreneurs put their ideas into action, and accelerate their success in India, one of the world's most dynamic markets.”
About Accel Partners
Accel was established in 1983 and invests from offices in Palo Alto, London and Bangalore, 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. www.accel.com
Example Accel investments have included: Acopia, Actuate, Agile Software, Arrowpoint, BBN Technologies, BitTorrent, Brightcove, Brightmail, comScore, Facebook, Foundry Networks, Glam Media, Infinera, Interwoven, JBoss, Kayak, Macromedia, MetroPCS, Netopia, Northpoint, Omneon Video Networks, PictureTel, Polycom, Portal Software, Realnetworks, Redback, Remedy, Riverbed, SupportSoft, Tellium, UUNet, Veritas, Walmart.com, Webroot, Wily Technology, XenSource and Zimbra, among others.