Accel Partners and 83 North invest in Celonis
Frankfurt a. M. — Accel Partners (“Accel”) and 83 North have jointly invested $50 million in Munich-based Celonis in a Series B financing. The company was valued at EUR 1 billion. Celonis has exceeded its growth targets since Accel and 83 North’s $27.5 million Series A investment in June 2016 and has been profitable since its inception. The two investors were advised by Hengeler Mueller.
Accel is one of the major U.S. venture capital firms. Founded in 2011, Celonis is a software company based in Munich and New York. Its Intelligent Business System is based on pioneering process mining technology. As the market leader in process mining, Celonis helps organizations understand and improve operational process flows. Celonis was founded by the three students Alexander Rinke, Bastian Nominacher and Martin Klenk (photo).
Accel, in particular, is a highly prominent name in the global tech scene, as the U.S.-based VC firm was an early investor in companies like Facebook and Spotify. The valuation of Celonis is no less remarkable: With the new investment, it is said to be one billion dollars. This would add a so-called unicorn to the German startup landscape.
Hengeler Mueller advised Accel and 83 North on the transaction.
Partner Dr. Georg A. Frowein (Frankfurt) and associates Clemens Höhn (Berlin) and Loretta Lang (Frankfurt) (all M&A/Venture Capital) were active.