Accel raises $5B to back late bet

Accel announced on Tuesday that it raised $5 billion in new capital to return late companies.

The the company told Bloomberg that $4 billion will go to his soon-to-be-defunct Leaders Fund, which expects to cut 20 checks, about $200 million each. Accel is looking to invest in companies that are building AI-driven technology, with a focus on software, hardware, robotics, security technology, and data center infrastructure.

Accel’s limited partners also poured $650 million, which will go to a “sidecar” fund, Bloomberg reported, allowing the company to increase its investment in other companies.

Accel has supported more than 800 companies to date, including Anthropic, Perplexity, and Lovable. The latest investment comes as the company hopes to continue the competition’s AI boom.

An Accel spokesman did not respond to a request for comment.