Venture Firm Accel, Backer Of Anthropic, Perplexity, Unveils $5 Billion Fund

Venture Capital firm Accel has raised $5 billion in late-stage capital to allocate towards artificial intelligence startups.

Of that $5 billion, $4 billion will be allocated towards 20-25 late-stage investments globally, while $640 million will be used as a sidecar fund for investors to allocate money towards some of the company's largest investments, Bloomberg reports.

The company was founded in 1983 by Aruthur Patterson and Jim Swartz and has approximately $31 billion in assets under management as of 2025.

The California-based firm focuses on investments in computing and storage infrastructure, consumer media and internet, enterprise software services, among others.

The firm mainly invests in early-stage artificial intelligence companies such as Anthropic, Cursor, and Perplexity, and has also invested in Slack, Squarespace, and Atlassian, among others.

Accel invested in Cursor last year when the startup's valuation hit $9.9 billion. The firm also participated in an investment in Anthropic at a valuation of $183 billion. Since then, the frontier AI company's valuation has climbed to around $380 billion -- more than double its previous level.

Accel was one of the first companies to invest in Facebook's Series A funding round in May 2005. The venture capital firm invested $12.7 million into the social media company at a time when Facebook was in its early growth stages.

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