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Accel Partners starts international fund

Venture capital firm Accel Partners announced Tuesday that it is near closing a $500 million fund that will focus on investing in communications, Internet and software companies based in Europe and Israel. The Palo Alto, Calif.-based firm has about $3 billion under management, and past investments include Foundry Networks, RealNetworks, and Redback Networks as well as NorthPoint Communications and Quokka. The fund will focus on making early-stage investments in the first or second financing rounds. Accel partner Alan Austin said the fund will seek to co-invest in start-ups with other European VC firms. The firm added two new partners to help lead the European fund. Kaj-Erik Relander was formerly the CEO of Sonera, a Finland-based telecom company, and Joe Golden served as Cisco Systems? managing director of business development and strategic alliances for Europe, Middle East and Africa.

    Venture capital firm Accel Partners announced Tuesday that it is near closing a $500 million fund that will focus on investing in communications, Internet and software companies based in Europe and Israel. The Palo Alto, Calif.-based firm has about $3 billion under management, and past investments include Foundry Networks, RealNetworks, and Redback Networks as well as NorthPoint Communications and Quokka.

    The fund will focus on making early-stage investments in the first or second financing rounds. Accel partner Alan Austin said the fund will seek to co-invest in start-ups with other European VC firms. The firm added two new partners to help lead the European fund. Kaj-Erik Relander was formerly the CEO of Sonera, a Finland-based telecom company, and Joe Golden served as Cisco Systems? managing director of business development and strategic alliances for Europe, Middle East and Africa.