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Bay Area-based venture capital powerhouse Accel has successfully secured a substantial $650 million in capital commitments for its 16th early-stage fund.
Notably, this latest fund matches the size of its predecessor from 2021, underscoring the sustained momentum and robust support garnered by the esteemed firm.
Accel's illustrious track record, characterized by astute investments in industry titans such as Bumble, Etsy, and Slack, has been further embellished by the recent windfalls stemming from its strategic exits.
The firm's prescient involvement in Klaviyo, which achieved a momentous IPO at a staggering $7.5 billion valuation in September, stands as a testament to its discerning investment acumen.
Additionally, the acquisition of cloud-based payments innovator Pismo by Visa for a remarkable $1 billion in July has further burnished Accel's enviable portfolio of successes.
Signifying its strategic foresight, Accel held a substantial 2.8% stake in Klaviyo subsequent to leading the company's pivotal $200 million Series C round in 2020, when it commanded a formidable $4.15 billion post-money valuation.
Furthermore, the firm's pivotal co-leadership in Pismo's $108 million Series B round in 2021 underscores its adept navigation of the evolving technological landscape.
Amidst these triumphs, Accel's recent milestones encompass the successful closure of its late-stage fund, Accel Leaders IV, amassing a formidable $4 billion in 2022, coupled with the securing of its sixth growth fund at an impressive $1.75 billion in 2021.
These accomplishments stand as a testament to Accel's unwavering commitment to identifying and nurturing transformative ventures, while solidifying its position as an enduring force within the dynamic realm of venture capital.