Accel Partners Closes Two Funds
- Dec 11, 2008
Despite all of the bad news, there is at least one bright spot amongst it all with Palo Alto, Calif.,-based Accel Partners closing on two new funds totaling more than $1 billion, according to VentureBeat.com. Best known for backing Facebook, the growth fund is significant because it’s an expansion of Accel’s core practice by broadening its scope with the fund investing in information technology, internet, digital media, mobile, networking, software, and services startups, according to the report.On yet another positive note, CNNMoney.com reported that foreclosure filings dropped 7 percent from October to November, according a report released Thursday. While the November foreclosure filings fell to 259,085, down from October, they are up 28 percent from November of 2007, the report stated. Analysts say the figures are deceiving because much of November’s decline in foreclosure filings is attributable to temporary foreclosure prevention efforts, CNNMoney.com stated.The Associated Press reported that Wall Street expects the government to report that new claims for unemployment benefits increased last week as companies ramped-up layoffs amid the recession. The jobless claims report comes a day after the federal government said the monthly budget deficit reached a record in November, in part because of increased spending on programs such as unemployment insurance and food stamps, according to the Associated Press. A number of large U.S. employers announced layoffs this week, including Dow Chemical Co., 3M Co., Anheuser-Busch InBev, National Public Radio and the National Football League, the report noted. U.S. stock futures increased slightly Thursday, pulling out of an early-morning slump, as investors wonder whether a $14 billion auto industry bailout that the House has passed would receive Senate approval, CNNMoney.com reported. So far, this morning the Dow Jones industrial average, Standard & Poor’s 500 and Nasdaq 100 futures were all slightly higher, according to the report.