Venture capital firm Accel Partners today said it has raised a $155 million fund for seed and early stage investments in India.
The fund, christened Accel India III, will invest in internet services, digital media, enterprise technologies, mobile, healthcare and education and other high-growth sectors, a statement issued here by the company said.
Accel, which was among the earliest investors in success stories like social networking site Facebook and e-commerce firm Groupon, already has a portfolio of 34 investments in the country, including Flipkart and Myntra.
The $155 million corpus was raised from institutional investors from North America, Europe and Asia.
"While traditional venture capital and growth equity have been increasingly drawn to India over the past several years, the true seed and early stage markets are still under-served, attracting relatively smaller amounts of capital," Subrata Mitra, a partner at the firm, was quoted as saying in the statement.
Accel has a team of 11 investment professionals in the country, led by four partners.
