Thursday 16 May 2019 12:01 am

Monzo backer Accel raises $575m fund for European and Israeli startups

London venture capital stalwart Accel has today announced its sixth fund for Europe's early-stage startups, closed at a final raise of $575m (£440m).

The fund will be managed by a core investment team based in its London office, seeking out entrepreneurs across the continent and in Israel in both consumer and enterprise sectors at series A stage.

Accel said the UK will continue to be a "core focus" for the team, following its investments in Gocardless, Tessian and Soldo.

Read more: Google and Salesforce inject $75m into London’s Gocardless

Since its entrance into London in 2000, Accel has backed the likes of Spotify, Funding Circle and Deliveroo in the earlier stages of their journeys. It also became the most recent venture backer of digital bank Monzo in October last year.

The venture capital giant's funds under management now stand at approximately $3bn.

Read more: London startups to take fintech unicorn crown from San Francisco

“The UK continues to be one of the main geographies of focus for us," said Andrei Brasoveanu, a partner at Accel.

"We're big believers in the technical talent pool in the UK, with a deep bench of highly-skilled software engineers as well as scientists from the top computer science and artificial intelligence research programmes. Going forward we continue to see a lot of innovation in the UK, and partner with founders in areas such as enterprise software, fintech, regtech and digital health.”