IDG-Accel Wraps Two Funds at $1.3B

IDG-Accel has raised $1.3 billion across two joint funds that will lead media company IDG and VC top-tier firm Accel Partners, Web site VentureBeat reports. One $550 million fund will be dedicated for early-stage and fast-growing companies and a $750 million fund will be operated separately for later-stage and pre-IPO investments. They will, respectively, be called IDG-Accel China Growth Fund III and China Capital Fund II.