Accel lauds UK technology scene as it raises funds in record time

A TECHNOLOGY venture capital firm has closed on its fourth London-based fund, saying yesterday that investment was oversubscribed and that it reached its $475m (£313m) target in record time.

Accel Partners said its Accel London IV fund, which focuses on technology companies in Europe and Israel, was raised with unprecedented speed and demand, underlying growing investor interest in the region’s technology companies.

Recent Accel funds have invested in a number of British and European technology success stories, including music streaming service Spotify, short-term lender Wonga and Moshi Monsters creator Mind Candy.

“The fact that Accel London IV was raised in eight weeks and was significantly over-subscribed is a powerful endorsement... of the market opportunity in Europe and Israel from our world-class investors,” said Kevin Comolli, a partner at Accel London.

The fund was raised four weeks faster than the previous Accel London fund in 2008.