News About <![CDATA[ACCELL GROUP]]> News About en-us <![CDATA[Sookasa scores $22M to protect your files wherever they go]]> ]]> <![CDATA[Opower sets IPO price range at $17 to $19, could raise $110M]]> ]]> <![CDATA[Launching new fund easy for VC Jennifer Fonstad, compared to leaping from a kidnap car]]> <![CDATA[India’s Flipkart In Merger Talks With Fashion Retailer Myntra, As Common Investors Push For Consolidation]]> Two of India’s biggest e-commerce retailers — Flipkart and Myntra — are apparently in talks to merge, a proposal being pushed by their common investors Accel Partners and Tiger Global. The Times of India reported this morning that Flipkart has already approached Myntra, and a decision on whether to go with the merger would be taken in two weeks. Flipkart has been looking to expand in newer categories such as fashion retailing, its co-founder Binny Bansal had told me recently. By merging with Myntra, Filpkart can add another category, and also widen the gap with everybody else even further. Flipkart is aiming to achieve $1 billion in gross merchandise value by next year. Flipkart has raised $540 million so far from investors including Accel, Tiger, Dragoneer Investment Group and Morgan Stanley Investment Management. In October last year, it raised $160 million, taking its Series E funding to be the largest ever by any Indian Internet company. India’s nearly $3.1 billion e-commerce market (excluding online travel industry) is dwarfed in size by China’s nearly $200 billion market for online sales, but it’s expected to grow by over seven times to $22 billion in five years, according to a CLSA report published in November 2013. Myntra, one of India’s biggest online clothing and footwear retailers, has been in discussions with several investors to raise around $50 million, sources are telling us. These discussions included a proposal to merge with Flipkart or acquire another e-commerce company to gain certain size, but nothing has been finalized yet, the source added. Clearly, the signs of consolidation are very visible in India’s e-commerce sector. An intense battle for market share is being fought among Flipkart, eBay-backed Snapdeal and Amazon. A lot is riding for investors backing Flipkart, so any proposals that help it garner a larger share of the market cannot be ruled out. We have reached out to Flipkart, Myntra and their investors for reactions and we will update after hearing from them.]]> <![CDATA[MemSQL Raises $35M Series B Led By Accel Partners]]> MemSQL, a big data startup that helps retrieve and analyze data real-time, has raised $35 million in Series B funding from Accel Partners and Khosla Ventures. The financing will be used to expand product development, offer support to a growing base of users and push aggressively for a bigger share of the big data market, which is expected to reach $32.4 billion by 2017. Apart from Accel and Khosla, MemSQL’s existing investors First Round Capital and Data Collective also participated in the latest round of funding, bringing the total capital raised so far by the startup to $45 million. Founded by ex-Facebookers Eric Frenkiel and Nikita Shamgunov in 2011, MemSQL is at the forefront of a movement that not only aims to help large enterprises manage big data fast, but also with much greater accuracy. MemSQL’s in-memory database is already powering big data analytics at customers including Zynga and Shutterstock. Eric, a former Facebook engineer, said the demand for MemSQL has been tremendous. “Customers are drawn to our solution because it delivers extremely fast performance on commodity hardware and has the ability to store and query multiple data formats in a single database,” he said. MemSQL is among a new breed of in-memory databases that are beginning to make more sense for enterprise users struggling with terabytes of data gathered by their systems. While “NoSQL” databases such as MongoDB help store and manage large chunks of data, applications such as MemSQL do all that, and also offer the benefits of SQL. However, the jury is still out on which one of these (NoSQL and newer entrants such as MemSQL) is better. The key point, as this Wired article mentions, is that all these are moving towards a new reality. “Legacy database technologies are prone to latency, require complex and expensive architectures, and rely on slow disk-based technology. The result is an outdated computing infrastructure that cannot handle the velocity and volume of data in the timeframe required of a true real-time solution,” the startup said in a statement. MemSQL also competes with other in-memory databases such as SAP Hana, Teradata and SAS. For Accel, this marks another important investment from its big data fund. “We’ve backed breakout open-source leaders Couchbase on the transactional side and Cloudera, with its Enterprise Data Hub, on the analytic side, but we also believe there is a very distinct place for MemSQL in real-time analytics,” said]]> <![CDATA[Cybersecurity Startup Aorato Exits Stealth With A ‘Behavior Firewall’, $10M In Funding]]> Make way for another startup in the area of cybersecurity: Aorato, which has developed a behavior-monitoring firewall for the Microsoft Active Directory services is coming out of stealth today. At the same time, the Israel and New York-based company is announcing funding of $10 million, with investors including Accel, Trusteer's co-founders Mickey Boodaei and Rakesh Loonkar, Eric Schmidt's Innovation Endeavors and Glilot Capital Partners. ]]> <![CDATA[DIARY - WEU EARNINGS Events - Part 4]]> <![CDATA[Subscription Billings Startup ChargeBee Raises $800k From Accel Partners]]> ChargeBee, a Chennai-based startup that helps companies manage their subscription billings, has raised around $800,000 in a Series A funding from Accel Partners. This brings ChargeBee’s total funding to $1.17 million, including the $370K it had raised in seed funding during October 2012. This new funding will be used to beef up ChargeBee’s sales teams in the U.S. and also hire more engineers to work on next versions of the startup’s core product. Subscription billing startups such as ChargeBee, Securely and Chargify, leverage SaaS model to help customers implement a billing system fast by automating most of the back-end processes of invoice generation and payments collection. Krish Subramanian, co-founder of ChargeBee said the startup offers more choices compared with other rivals. “ChargeBee differentiates as the most extensible billing solution available including more choices with our REST API and the option to use Stripe tokens instead of card,” said Subramanian. ChargeBee now has around 500 paying customers from 10 countries including Australia, US, UK and Canada. Currently, the startup processes average monthly transactions worth $1.6 million. By end of this year, ChargeBee wants to achieve $20 million in monthly transactions. Co-founded by former Zoho employees Krish, KP Saravanan, Thiyagarajan T and Rajaraman S, ChargeBee started in 2011. A Hacker News post about Chargify increasing its subscription rates inspired the ChargeBee founders to look at building a startup that offers better services, at cheaper rates. “Our plans start at $49 for startups and we do have a “bootstrapper” plan wherein customers use ChargeBee for free till they reach 10 customer billing a month,” said Krish. Accel India has to date invested in around 17 startups in India at the seed stage from its $150 million+ Accel III fund.]]> <![CDATA[MobStac Raises $2 Million In Series B To Help Brands Leverage Mobile Commerce]]> MobStac, a Bangalore-based startup that helps publishers build and manage their mobile websites and apps, has raised $2 million in Series B funding from Accel Partners and Cisco. With the latest financing, MobStac will expand its existing cloud platform to build mobile websites for consumer brands looking to sell their products on mobile phones. MobStac already has four beta customers using its new platform, the startup’s co-founder Sharat Potharaju told Techcrunch. For its existing mobile content platform, the startup counts some of the top Indian media houses including The Hindu and Times Internet among its customers. Potharaju started MobStac along with his childhood friend Ravi Pratap M in 2009, after raising around $75,000 in seed funding from a bunch of angel investors including batch mates from the Indian Institute of Technology (IIT). Later, in June 2011, MobStac raised its Series A funding of around $400,000 from Accel and the Mumbai Angels. The latest round brings MobStac’s total venture financing to $3.1 million. Cisco, which has invested $1 million in the startup, is betting huge on enterprise mobility, and MobStac is hoping to gain from its backing. “Cisco’s investment is a great endorsement for our technology platform and also strongly revalidates the need for a solution like MobStac especially in the enterprise business segment that Cisco’s customers fall into,” said Potharaju. MobStac’s rivals include Vancouver-based Mobify and San Francisco-headquartered Moovweb that raised $16 million in March last year from several investors including Sun co-founder Andy Bechtolsheim. As more consumer brands push aggressively to beef up their mobile channels, these startups are seeing huge revenue opportunity. According to Forrester, mobile commerce is expected to reach $31 billion by 2016. ComScore said in August last year that smartphones are now driving a higher (6%) share of total digital commerce than tablets (3.5%). MobStac now has over 5 million unique visitors per month, and it aims to reach 25 million monthly unique visitors within few years. The startup has around 25 paying customers currently. “There is a disparity between consumer and enterprise platforms when it comes to content and commerce. We are changing that by going beyond just building a mobie website,” said Ravi who spent four years with Hillcrest Labs before co-founding MobStac. As part of the startup’s global expansion plans, Sharat would be relocating to New York next month. “There are some 75,000 apparel brands in US alone who could be potential customers for us and]]> <![CDATA[Wyzant Lands $21.5M From Accel To Take Its Tutoring Marketplace Global And Mobile]]> Building an online marketplace for local services is a tricky proposition, especially at scale. It takes time to recruit a stable of service providers, to offer deep coverage within local markets and maintain the quality of service (and the trust of customers) as the marketplace expands into new cities. For local service providers, though, moving online can be a boon for business, reducing costs and providing access to a new pool of customers. While products and businesses are increasingly moving online, Mike Weishuhn and Andrew Geant founded Wyzant in 2005 to bring an online marketplace to a market where service providers still live mostly offline: Tutors. Today, following in the same mold as names like Uber, Etsy and Angie’s List, Wyzant is building a national company that functions as a hyper-local marketplace, offering students an easy way to find and connect with tutors in a range of subjects. Starting with college campuses in and around Washington D.C. and advertising its new tutoring service with fliers and via craigslist, Wyzant began building a stable of local tutors and customers, slowly expanding into new markets. Today, Wyzant has quietly become one of the largest online tutoring platforms in the U.S., serving 500,000 tutors and over one million students. The founders have bootstrapped the business to more than $100 million in gross sales to date, with a 120 percent annual growth rate since launch. After resisting outside investment for nearly eight years in favor of staying lean, the Wyzant founders are looking to expand their tutoring business into new markets and beef up their team. To do that, Wyzant is taking on its first capital — a $21.5 million Series A round from Accel Partners. As a result, Accel partners Ryan Sweeney and John Locke will be joining the startup’s board of directors. While it’s somewhat unusual to see an initial round of funding like this come from one backer, it’s a somewhat familiar market for Accel, which has also backed online marketplaces like Etsy and 99 Designs. It also marks the second significant investment in online education the firm has made this year, following the $103 million round it co-led with Spectrum Equity in video-based education platform, Wyzant and have similar stories in many respects, both bootstrapped online businesses that, over years, managed to organically turn simple business models into millions in revenue., for example, went 17 years without]]> <![CDATA[Accel Leads $4.5M Series A In Trufa, An SAP HANA Startup Using Predictive Analytics For Opex Efficiency]]> ]]> <![CDATA[Foundation VC Paul Holland on Chegg IPO, trouble with ed-tech]]> <![CDATA[DIARY - WEU EARNINGS Events - Part 4]]> <![CDATA[DIARY - WEU EARNINGS Events - Part 4]]> <![CDATA[DIARY - WEU EARNINGS Events - Part 4]]> <![CDATA[DIARY - WEU EARNINGS Events - Part 4]]> <![CDATA[DIARY - WEU EARNINGS Events - Part 4]]> <![CDATA[DIARY - WEU EARNINGS Events - Part 4]]> <![CDATA[DIARY - WEU EARNINGS Events - Part 4]]> <![CDATA[DIARY - WEU EARNINGS Events - Part 4]]> <![CDATA[Hilary Mason Leaves Bitly To Join VC Firm Accel As Its First Data Scientist In Residence]]> Accel Partners is announcing a major talent win tonight, with the addition of former Bitly chief scientist Hilary Mason as its first data scientist in residence.]]> <![CDATA[The Story Behind Qualtrics, The Next Great Enterprise Company.]]> <![CDATA[After 17 Years, Education Platform Raises Its First Round Of Funding, $103M From Accel & Spectrum]]> Back in May, we shared the unique story of, the veteran, video-based education platform, and how it was able to generate $70 million in revenue in 2011 without taking a penny from outside investors. Since then, it's continued chugging along, growing revenue to $100 million in 2012. Founded in 1995 by husband-and-wife team Bruce Heavin and Lynda Weinman, in the Facebook and Instagram Era, is not your typical tech startup. Compared to its competition, the company is ancient. It's eschewed venture capital, was founded (and is still led) by a happily married couple, is subscription based, has been profitable for 15 years and is based in a small town in Southern California -- not in Silicon Valley, New York or Los Angeles. ]]> <![CDATA[Accel Partner Adam Valkin Jumps Across The Pond To General Catalyst]]> Accel investment partner Adam Valkin is joining General Catalyst Partners, as a General Partner in its Boston office. Valkin will focus on sourcing early stage investments and working with existing companies in General Catalyst’s portfolio.]]> <![CDATA[Plex Systems Lands $30M From Accel To Help Global Manufacturing Transition To The Cloud]]> Over the last few years, the enterprise has been been quick to adopt cloud computing, but by and large, the cloud has found the most penetration in areas of the enterprise that aren't mission critical. Yet, as Forbes wrote today, this has begun to change of late as companies that are handicapped by decades-old, legacy enterprise resource planning (ERP) system increasingly move from on-premise systems to those based in the cloud. ]]> <![CDATA[Cloudera snares $65M more to boost international, enterprise growth]]>

<![CDATA[Meet the man who’s beating Airbnb in Europe]]> ]]> <![CDATA[Why Trifacta is teaching humans and data to work together]]> ]]> <![CDATA[RelateIQ: A hush, hush data-savvy startup]]> ]]> <![CDATA[Qualtrics gets $70M to boldly scale like no one has scaled before]]> ]]> <![CDATA[Russian Classified Giant’s $75m From Accel Shows It’s 1999 In Emerging Economies]]>, the biggest online classified ads site in Russia, has secured a fresh $75 million round of funding from Accel Partners' London office. Founded in 2008, Avito has so far landed $101 million from Accel, Baring Vostok Private Equity, Kinnevik, and Northzone. The capital will be used for expansion and hiring. Russia's classifieds ads business has plenty of room for growth becuase - guess what kids - it’s basically 1999 out there is Russia. And this large emerging market is playing through all those businesses models we know and love from back in the good 'ol days. Expect more of this. ]]> <![CDATA[Deals of the day -- mergers and acquisitions]]> <![CDATA[Shape Security: Kleiner Perkins & TomorrowVentures Lead $6M Round In Stealth Security Startup]]> Big corporations have been riddled by security attacks over the past year, and hackers are seemingly only becoming bolder and more resolute. As a result, market research firm The Radicati Group said that it expects the corporate web security market to grow to $2.5 billion over the next four years. It's in this climate that a young, stealth startup is trying to put companies back on the offensive, and some notable Silicon Valley investors are buying in. Mountain View-based Shape Security is announcing this morning that it has raised $6 million in series A financing, led by Kleiner Perkins Caufield & Byers and Google Executive Chairman Eric Schmidt's TomorrowVentures. Accel Partner Peter Wagner, Sequoia Limited Partner Guarav Garg, Baseline Ventures, and unnamed executives at LinkedIn, Twitter, and Facebook also participated in the round.]]> <![CDATA[PRESS DIGEST - British business - April 4]]> <![CDATA[Deals of the day -- mergers and acquisitions]]> <![CDATA[Capital Access Network Raises $30M From Accel To Loan Small Businesses Working Capital]]> In this economic climate, many small businesses do not qualify for loans based on the standards imposed by banks and financial institutions. For fledgling businesses, the establishment doesn't have enough cash flow, revenue or credit to qualify for a loan. Many times, entrepreneurs have to put up personal assets as collateral for loans, which can be problematic and risky. The fact is working capital is difficult to get from banks unless a business has perfect credit. Capital Access Network (CAN), a company that gives small businesses access to credit and working capital and helps solve the problem outlines above, is announcing this morning that it has raised $30 million from Accel Partners. As part of the transaction, Accel partner, Kevin Efrusy will join Credit Access’s board of directors, and Accel vice president, John Locke, will join as an observer. ]]> <![CDATA[Prezi zooms forward with $14m from Accel]]> ]]> <![CDATA[Although Many Investors Are Spinning, Has Not Yet Picked A DJ]]> Although many investors are spinning for the chance to invest in, the hot music startup has not yet picked a dance partner, despite reports to the contrary. Business Insider claims that Turntable has raised $7.5 million at a $37.5 million valuation and "that term sheets were indeed signed yesterday." But reached a few hours ago as he was boarding a plane, co-founder and chairman Seth Goldstein told me, "We have not closed any new financing." There is certainly a lot of interest in Turntable from VCs who want to fund its next round. The buzz among venture investors is that there is intense competition for the deal, particularly between Union Square's Fred Wilson, Accel, and Kleiner Perkins. Wilson is the clear favorite (Turntable is based in New York City), but he is being outbid by Accel and Kleiner. ]]> <![CDATA[Accel, Khosla, and Andreessen Horowitz Pour Another $30 Million Into Social Browser RockMelt]]> Is there a future for social browser startup RockMelt? Despite attracting only a few hundred thousand active users since its much-hyped launch, the company filled with ex-Netscape rockstars and backed by former Netscape founder Marc Andreessen just managed to raise another $30 million in a B round led by Accel Partners and Khosla Ventures, with Andreessen Horowitz, Ron Conway, Bill Campbell and Josh Kopelman also participating. Jim Breyer of Accel and Vinod Khosla will be joining the board as observers. That's some pretty serious money.]]>