Accel Partners, the VC outfit that funded high-tech success stories Facebook, MetroPCS and many others, has raised $1 billion, which reportedly will be used for two new funds.
This is something of an astounding feat, given the recession and the fact that many investors have indicated they’d be holding back on such investments until at least 2010.
According to The New York Times today, one of those funds is the $480 million Accel Growth Fund, which is aimed at late-stage companies, a new angle for the VC, which has until now focused on startups. The rest of the $1 billion will go to a fund for start-ups in Europe.