Harry Nelis, a London-based partner at Accel, which has backed European startups including Vinted and Celonis Silicon Valley VC Accel has raised $800 million to back early-stage founders across Europe and Israel, as US investors take a growing role in closing the region's capital gap. The capital is part of the Palo Alto-based firm's $3.5 billion fundraising, including $800 million allocated to US investments and $550 million to India. Accel last raised capital for European investments in 2024, collecting $650 million for its eighth vehicle in the region.
This article appeared as part of The Europe Pitch newsletter. Sign up here Since opening its London office in 2000, Accel has backed many of Europe's best-performing startups, including Spotify and Monzo. The firm will be focusing on AI and defence with the new funds, already counting companies such as Swedish vibe coding startup Lovable, and UK-based counter-drone maker Cambridge Aerospace in its portfolio.
Accel's haul underscores the growing presence of US investors in European VC dealflow. At the end of H1, 21.8% of the region's rounds included US firms, according to PitchBook's Q2 2026 European Venture Report, the highest percentage in a decade. More than two-thirds of the deal value came from capital from across the pond.
In absolute terms, however, US investors have pulled back from European VC deals, investing more in a smaller number of startups. Currently, deals in which they feature are pacing around 16% below last year by count. Overall, European VC deal count is on track to sit 18.5% lower than last year.
Europe's VCs have struggled to raise capital, with last year's fundraising totals hitting their lowest point in a decade, but this year is looking brighter. According to PitchBook data, capital raised has already surpassed 2025's total, reaching €16.1 billion (about $18.6 billion). However, as with startups, capital is increasingly sitting in the hands of a smaller pool of managers.
Get our daily digest of private capital markets in the EMEA region. This article originally appeared on PitchBook News
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