California-based venture capital firm Accel has raised $575 million for its sixth fund.

With the new capital raise, the new fund, bringing Accel's total funds under management to $3 billion, will be invested in early-stage companies across Europe and Israel.

Additionally, Accel will use the new funds to continue to follow its strategy of partnering early-stage investments, typically at the Series A round, with entrepreneurs in Europe.

More so, the firm intends to back European companies across consumer and enterprise technology, with its focus on digital health, automation, security, and financial technology.