Accel closes $3.5B in new funds to back early

Accel closes $3.5B in new funds to back early-stage AI startups globally

Accel has raised $3.5 billion in new venture capital to back early-stage startups globally, with a strong focus on artificial intelligence, Bloomberg reported.

The global firm, which operates out of Silicon Valley, London and Bangalore, closed four separate funds. A $1.35 billion global expansion fund will support larger early-stage rounds and rapid follow-on checks.

Accel also raised an $800 million fund targeting US startups, primarily in Silicon Valley, alongside an $800 million vehicle for Europe and Israel and a $550 million fund focused on India.

The firm has been an active backer of AI companies including Anthropic, Cursor and Perplexity, and is raising this capital as intensifying competition in AI reshapes venture fundraising dynamics.