Accel Partners and Erasmic Venture Fund Team Up, Launch Accel India Venture Fund
Released on: July 28, 2008, 2:45 am
Press Release Author: brand-comm
Industry: Financial
Press Release Summary: New Accel Fund to focus on seed and early stage venture investing in India.
Press Release Body: Bangalore, July 28, 2008 - Accel Partners, a leading venture capital firm operating in Silicon Valley, Europe, Israel and China, today announced the formation of Accel India Venture Fund. The latest element in Accel\'s global strategy, Accel India Venture will focus on early-stage venture investing, delivering active, hands-on strategic and operational guidance in partnership with India\'s most promising entrepreneurs.
Accel India Venture Fund will be managed by four experienced partners who currently are the Partners of Erasmic Venture Fund (EVF). EVF is one of the leading seed and early-stage investment groups in India, with a portfolio including Mu Sigma, Inbiopro, HolidayIQ, Kaati Zone, Myntra, Sconce, Virident and many other exciting new ventures. Subrata Mitra, Prashanth Prakash, Mahendran Balachandran and Gagan Kumar bring deep entrepreneurial and operational expertise as well as a strong track record of helping entrepreneurs to develop successful new businesses in India. All four individuals will be joining Accel as the Partners of Accel India Venture Fund.
\"Accel sees a tremendous need and opportunity for an active, highly-engaged approach to early-stage investing in India,\" said Peter Wagner, Partner at Accel Partners. \"We are thrilled to be working with Subrata, Prashanth, Mahendran and Gagan, who have demonstrated their ability to add significant value throughout a new venture\'s growth, beginning at its very earliest stages.\"
\"We are very excited to be a part of the Accel team,\" said Prashanth Prakash, Partner at Accel India Venture Fund. \"The combination of the powerful Accel platform and our team\'s deep involvement in the local entrepreneurial process will help create a new generation of category-defining companies in India.\"
Accel\'s Global Platform Accel is uniquely positioned amongst the leading venture capital firms by virtue of its global strategy. Accel was created in 1983 as a US-based firm focused on Silicon Valley but also investing selectively internationally, particularly in Israel. In 2001, Accel London was formed, a distinct fund and team of partners dedicated to venture capital in Europe and Israel. In 2005, IDG-Accel China Growth Fund was launched, a joint effort between Accel and IDGVC China, which has established itself as one of that country\'s premier venture firms. Accel India Venture Fund will pursue the same objective as each of these Accel initiatives, which is to build a position of leadership in its local market while leveraging the advantages of the global network of Accel partners, companies and strategic relationships.
The Accel India Venture Fund Strategy Accel India Venture Fund will seek to work with India\'s best entrepreneurs from the very earliest stages of the new venture creation process. This will include seed-stage investing as well as investments in growing companies that have already begun their operations. In all cases, the Accel India Venture team will provide extensive company-development assistance and strategic support well beyond its cash investment. The Fund will pursue a multi-sector strategy, targeting opportunities in Technology, Technology-enabled Services, Internet, Mobile, Media, Life Sciences, Consumer Products and Services, and other high-growth sectors of the Indian economy.
Accel India Venture Fund will typically be the first institutional investor involved in a new venture, and will play an active role in supporting management to shape the venture\'s direction. As the portfolio companies develop, Accel India Venture Fund will welcome the involvement of other high-quality investment firms in future financing rounds.
\"We look forward to enhancing our catalyzing role in early stage venture capital,\" said Subrata Mitra, Partner at Accel India Venture Fund. \"We hope that our efforts will help many more gifted Indian entrepreneurs put their ideas into action, and accelerate their success in India, one of the world\'s most dynamic markets.\" About Accel Partners
Accel was established in 1983 and invests from offices in Palo Alto, London and Bangalore, as well as in China via the IDG-Accel partnership With over $4 billion under management, Accel has helped world-class internet and technology entrepreneurs build over 300 successful companies, many of which have become category-defining enterprises. www.accel.com Example Accel investments have included: Acopia, Actuate, Agile Software, Arrowpoint, BBN Technologies, BitTorrent, Brightcove, Brightmail, comScore, Facebook, Foundry Networks, Glam Media, Infinera, Interwoven, JBoss, Kayak, Macromedia, MetroPCS, Netopia, Northpoint, Omneon Video Networks, PictureTel, Polycom, Portal Software, Realnetworks, Redback, Remedy, Riverbed, SupportSoft, Tellium, UUNet, Veritas, Walmart.com, Webroot, Wily Technology, XenSource and Zimbra, among others.
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