Accel Partners closes $155 million fund

BANGALORE: Global venture capital firm Accel Partners, said it has closed $155 million fund focused on seed and early-stage investments in India. The fund called Accel India III, will invest in internet services, digital media, Software as a Service (SaaS) and enterprise technologies, mobile, healthcare and education.

"We have seen a significant increase in entrepreneurial activity in the last few years," said Subrata Mitra, partner at Accel. Accel which has over $8 billion under management worldwide, raised this fund from institutional investors from North America, Europe and Asia.

While traditional venture capital and growth equity, Mitra said, have been increasingly drawn to India over the past several years, the true seed and early stage markets are still under-served, attracting relatively smaller amounts of capital.

"The aim is to be the first investment partner of choice for entrepreneurs right from company inception or the very earliest stages," said Sameer Gandhi, another partner at Accel.