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Monzo and Synthesia backer Accel raises £520m early-stage fund

Accel Fund
Image credit: Accel

Accel, the Silicon Valley-based investor that has backed the likes of Monzo, GoCardless and Synthesia, has raised a $650m (£519.5m) European startup fund.

The fund, which is the eighth early-stage European fund from Accel, will back new firms in the UK, Europe and Israel.

“Our belief almost 25 years ago that Europe and Israel’s entrepreneurs had the vision and ambition to create global, category-defining companies has ensured we’ve been fortunate enough to partner with many of the region’s iconic companies over several technology cycles,” said Harry Nelis, partner at Accel.

“These companies have laid the foundations of the thriving landscape we see today, fuelling and inspiring the next wave of founders who can now see what’s possible. Our capillary networks cultivated over more than two decades ensure our team has a deep knowledge of the region.”

Nelis said Europe excelled in AI, cybersecurity, fintech and modern data stack. Accel’s European operations are based in the firm’s London office, opened in 2000.

Recent investments led by Accel into UK companies include the £17m Series A round for elderly care marketplace Lottie, the £71.4m Series C round for AI avatar company Synthesia and the £22.5m round for payments startup Super.

Super Payments was founded by Samir Desai, whose previous venture Funding Circle was also backed by Accel.