Global venture capital firm Accel has raised $3.5bn across four new funds aimed at backing early-stage companies, with artificial intelligence expected to remain a major focus across its investment strategy, according to a report by Bloomberg.
The fundraising comprises a $1.35bn global expansion vehicle, an $800m fund targeting the US, a further $800m dedicated to Europe and Israel, and a $550m fund focused on India.
The new global expansion fund will allow Accel to participate in larger early-stage financing rounds and provide additional capital to portfolio companies as they scale, while its regional funds will continue to focus primarily on securing meaningful ownership stakes in younger businesses.
Accel partner Harry Nelis said startups are raising substantially larger amounts of capital earlier in their development than in previous cycles, creating significant opportunities for venture investors but also increasing the amount of capital exposed to early-stage risks.
The firm has backed a number of prominent AI businesses, including Anthropic, Cursor and Perplexity, and has broadened its investment focus over the past two years beyond AI applications and infrastructure into areas such as materials science, manufacturing and other deep technology.
That shift reflects growing investor conviction that AI can transform industries where traditional software has had a more limited impact.
Accel has also participated in increasingly large seed financings. Last year, it joined a $300m round for AI scientific discovery company Periodic Labs, which valued the startup at $1.3bn.
However, Accel said it does not intend to concentrate exclusively on so-called “neolab” businesses or other startups securing unusually large amounts of capital at inception. Steve Loughlin, an Accel partner based in the San Francisco Bay Area, said the firm’s strategy remains focused on investments where it can obtain significant ownership in return for its capital.
The firm’s international network is also central to its pitch to founders. Accel aims to help portfolio companies tap engineering talent in markets such as India, while its presence in Europe and Israel gives it access to entrepreneurs and technology ecosystems across multiple regions.
The latest fundraising comes alongside a broader expansion of Accel’s investment capabilities. The firm recently raised a further $5bn for later-stage investments, giving it additional firepower to support companies as they move beyond their initial rounds.
