Venture capital firm Accel has announced the launch of Accel V, a $500m fund which will seek to support tech entrepreneurs in the UK.
Accel, which opened its first London office 16 years ago, said that although the UK market would continue to be a priority for investment, this fund would also look further afield in an attempt to support tech-based businesses in other markets across Europe and Israel.
Harry Nelis, partner at Accel London, said: “Entrepreneurship is flourishing everywhere across Europe and Israel; we’ve never seen so many great founders, both gritty and ambitious, come out of the region, and are excited to help them build the next generation of truly great, enduring businesses.
“We are grateful to be backed by many of the world’s best institutions, including premier endowments, pension funds and research institutes, and will continue to work hard to generate superior returns so that they too may be successful in serving their communities,” continued Nelis.
Founded in 1983, Accel has backed teams – including Facebook, Slack and Spotify – across 19 countries.
In the UK, the firm has made high-profile investments in on-demand premium food delivery service Deliveroo and Funding Circle.