Editor’s note: This is a sponsored article, written by Philippe Botteri, a partner at VC firm Accel, as a follow-up to earlier guest posts on their annual list of the top 100 SaaS companies in the European + Israeli SaaS startup industry, with the help of Varun Purandare and Candice du Fretay. You can now put […] The post Is Europe taking the global lead in SaaS? Submissions for the Accel 2021 Euroscape are now open, and here’s why you should apply appeared first on Tech.eu.

The Bengaluru-headquartered startup aims to digitise India’s massive construction industry, where the sector is expected to become the third-largest globally by 2025 and grow by 7.1 percent each year.

Detect Technologies will use the funding to enhance industrial productivity globally and strengthen its leadership in accelerating digitisation of the industrial sector.

Accel announced Tuesday the close of three new funds totaling $3.05 billion, money that it will be using to back early-stage startups, as well as growth rounds for more mature companies. Notably, the 38-year-old Silicon Valley-based venture firm is doubling down on global investing. The announcement underscores both the robust confidence investors continue to have […]

Summary List PlacementThe race to find and fund entrepreneurs in Europe who will build the next multibillion-dollar startups is heating up. Venture-capital firm Accel has raised $3.05 billion across three new funds, as its European arm sees growing competition from US funds setting up shop in Europe and new players such as hedge funds entering venture. It has raised a $650 million early-stage Europe and Israel fund, a $650 million US early-stage fund, and a $1.75 billion global growth fund.  Big companies in Accel's European portfolio include software startup UiPath, which went public in April; UK food-delivery firm Deliveroo, which went public in March; and Hopin, the year-old live-events startup that is already valued at almost $6 billion. The US fund is Accel's 15th to date. Since opening its London office in 2000, Accel has become one of the biggest early-stage backers of European startups. "We've been on the ground for two decades now and have seen a number of winners emerge across several technology cycles, but never at the pace we're experiencing now," partner Harry Nelis said in a statement. Doubling down on Europe There are now 49 unicorns — companies worth above $1 billion — in Europe and Israel, up from just five in 2015 and zero in 2010, data from Dealroom indicated. "When I joined Accel nine years ago there were very few unicorns. Now, there are more than 200, with several valued at more than $5 billion, and some decacorns, too," partner Seth Pierrepont said, referring to companies worth above $10 billion. "It's been great to have had a front-row seat to that, and it's exciting to double down on these incredible companies coming out of Europe." Events startup Hopin, which took an early check from Accel, is a prime example of the supercharged environment in Europe. The startup was incorporated in June 2019 by Johnny Boufarhat, its 27-year-old founder. Eight months later, Accel announced that it was leading Hopin's seed round. Now two years old, the company has raised $571.4 million, is valued at $5.65 billion, and counts backers such as Andreessen Horowitz and Tiger Global on its cap table. Accel also faces growing competition as traditionally US-focused funds such as Sequoia, Lightspeed, and Bessemer set up offices in Europe. Accel lost one of its own rising stars, Luciana Lixandru, last March when she left to become Sequoia's first European partner. Venture-capital funding is also hitting record highs. The first quarter of 2021 saw global funding go above $100 billion for the first time, with an average of one new unicorn created every two working days, Crunchbase data indicated.  Asked about staying competitive despite the heightened market conditions, Pierrepont said: "We have to stay disciplined as prices go up because VC is a hits-driven business. We're looking for category winners like Snyk or UiPath and looking to invest as much capital as you can in the early stage and growth." Accel plans to focus on Series A investing across the geographies it operates in, but may also look at seed and Series B rounds in exceptional circumstances. Its growth fund could be used to support later-stage funding rounds as part of a "seed to IPO" approach. The fund helps portfolio companies hire senior talent, provides operational advice, and can help with networking introductions. Join the conversation about this story » NOW WATCH: The shortest route for a road trip across the US to see 50 national landmarks

The Berlin-based fintech aimed at helping startups and SMB’s better manage their cash, Airbank, has closed a €2.5 million seed round that saw backing from Accel scout Luca Ascani, and Sequoia scout Marc McCabe. Founded in January of this year by Chris Zemina (former Principal with Speedinvest’s fintech fund) and Patrick de Castro Neuhaus, Airbank […] The post Airbank receives €2.5 million with scouts from Accel and Sequoia on board appeared first on Tech.eu.