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Global venture capital firm Accel has launched a $650 million fund for Indian and Southeast Asian startups, underscoring the large pool of capital being deployed by funds as they chase high-growth companies in developing markets.
"We believe our insights from the Indian market and the global Accel platform can help startups in the region (Southeast Asia) from seed to scale," Prayank Swaroop, a partner at Accel, said in a statement on Wednesday.
"We will be investing in the region across pre-seed to growth opportunities," Swaroop said.
Venture and private equity funding is thriving globally amid a technology boom that has particularly accelerated in developing countries as more consumers move online during the COVID-19 pandemic.
Accel said the latest launch will mark its seventh fund in India and Southeast Asia, pushing its total commitments in the region to $2 billion. Accel's India team has already invested in companies including Flipkart, which was bought by Walmart, and food delivery firm Swiggy.
In Southeast Asia, Accel has invested in Indonesian investment app Pluang and payment gateway startup Xendit, among others.
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Accel, which counts many university endowments, non-profit firms and research institutions among its fund investors or limited partners, mostly invests in the so-called 'Seed' or Series A funding rounds.
(Reporting by Anshuman Daga; Editing by Kim Coghill)
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