On the heels of Romanian-founded enterprise startup UiPath raising at a $7 billion valuation, the startup’s biggest investor is announcing a new fund to double down on making more investments in Europe.
VC firm Accel has closed a $575 million fund — money that it plans to use to back startups in Europe and Israel, investing primarily at the Series A stage in a range of between $5 million and $15 million.
At $575 million, this makes the fund one of the largest in the region, and it brings the total managed by Accel in Europe to $3 billion.
Accel has been behind some of the biggest startups to have come of age in Europe in recent years, including Avito, BlaBlaCar, Celonis, Check24, Deliveroo, Doctolib, DocuSign, Funding Circle, Spotify and Supercell, alongside UiPath.
Some — like Spotify — have become leaders in their respective segments (in Spotify’s case, music streaming), and so Accel has, by association, played a strong part in helping grow the wider tech ecosystem in Europe.
That ecosystem still lags behind the U.S. in terms of value.