Accel has announced that it has closed a USD60m venture fund to invest in seed and early stage opportunities in India.

The fund will pursue a multi-sector strategy, targeting opportunities in technology, technology-enabled services, internet, mobile, media, life sciences, consumer products and services, and other high-growth sectors of the Indian economy.

The fund has attracted institutional investors from North America, Europe and Asia.

Accel was established in 1983 and invests from offices in Palo Alto and London, as well as in China via the IDG-Accel partnership.

It has over USD4bn under management and example investments have included comScore, Facebook, JBoss, Kayak, Macromedia, MetroPCS, Polycom, Realnetworks, Redback, Remedy, UUNet, Veritas and Walmart.com.

Accel India is managed by four partners: Mahendran Balachandran, Gagan Kumar, Subrata Mitra and Prashanth Prakash.

Peter Wagner, partner at Accel Partners, says: 'Accel India is pleased to have gained the support of our industry's elite investors. The Accel India team is already functioning as a key element of our Accel global network, to the benefit of talented, passionate entrepreneurs in India and around the world.'