Accel Partners, angel investors invest $35m in designer start
Private equity firm Accel Partners, with a group of angel investors, has made a$35 million capital injection into 99designs, an Australian start-up design company, as a Series A round of financing.
The angel investors include Michael Dearing from eBay, Harrison Metal, Dave Goldberg at Survey Monkey, Stewart Butterfield with Flickr, Tiny Speck, and Anthony Casalena (Squarespace), according to a release. As part of the deal, Accel Partners will send Andrew Braccia, who previously worked with Yahoo as the Vice President of consumer web search, and Ryan Sweeney, who has led the investments into Groupon, to the board of directors. They join Michael Dearing, 99designs Co-Founder Mark Harbottle, and the company’s CEO Patrick Llewellyn.
Co-Founders Mark Harbottle and Matt Mickiewicz founded the company in Melbourne in February 2008. The company currently claims to have achieved a 120% year-on-year growth rate.
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