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Accel closes India III fund at $155m

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Venture capital firm Accel Partners has closed its seed and early stage investment vehicle Accel India III at $155 million, raised by institutional investors from North America, Europe and Asia.

According to Accel, the fund will invest in digital, tech, healthcare and education targets in India - areas it considers "high-growth sectors". These investments will add to Accel's 34 portfolio companies.

"Our core strategy in India will continue to be the same: to be the first investment partner of choice for entrepreneurs right from company inception or the very earliest stages," Sameer Gandhi, partner at Accel Partners, said in a statement.

News surfaced last month that Accel was nearing India III close, which came weeks after the firm called off the raise of its $400 million late-stage investment fund. Accel, which typically invests in early-stage targets in India, had reportedly recruited LPs including DE Shaw, Apax Partners and Goldman Sachs for that fund.

The Silicon Valley-headquartered firm's first investment in India came in 2008 with the acquisition of Bangalore-based early-stage venture investor Erasmic Partners, which at the time was managing a $15 million fund. Accel Partners now has 11 investment professionals based in India.

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