Accel Partners, the big Silicon Valley venture capital firm, is opening a New York office, the latest sign of West Coast VC interest in the New York tech scene.Accel has already made several NYC-area investments, so it makes sense to have a satellite office here. Its portfolio includes New York area companies like Diapers.com (recently acquired by Amazon), Etsy, Birchbox, Glam, Squarespace, and Venmo.
Though, for now, this seems more for the convenience of its partners than to add much — more than its money, via investments — to the New York tech scene.
Accel VC Rich Wong tells us that the office won’t have any permanent staffers at first, but that there is an Accel partner in New York almost every week or two as it is. Accel’s Jim Breyer, Theresia Gouw Ranzetta, and Sameer Gandhi are leading the effort. (Breyer also has a home in New York.)
We’ll see if Accel eventually hires partners here, gets deeply involved in the community, etc. This stuff takes time, so we’ll see.
Wong says Accel will likely increase its investment pace in the New York area, across a range of deal sizes, from seed stage to growth equity.