Emergence Capital has officially closed its seventh fund, securing $1 billion in capital, marking its first raise in nearly four years. The San Mateo, California-based venture firm, which has been a significant player in B2B enterprise technology, announced the closure on Tuesday.
In its previous funding round in May 2021, Emergence raised nearly $1 billion across two funds. At the time, it closed its sixth early-stage fund with $575 million and launched its first opportunity fund, which amassed $375 million in capital commitments.
Founded in 2003, Emergence Capital has traditionally focused on enterprise tech startups. Like many other venture firms, it has now pivoted towards artificial intelligence, with general partner Joe Floyd stating to Fortune: “It’s a generational opportunity for AI investing, period.”
Over the years, Emergence has invested in notable companies such as Bill.com, Salesforce, Gusto, Zoom, and Box. The firm has also enjoyed longstanding support from institutions like Stanford University, which has backed it since 2007. Rob Wallace, CEO of Stanford Management Company, praised Emergence as “careful investors” and “deep domain specialists in SaaS and software.”
With its latest fund, Emergence aims to continue fueling the next wave of AI-powered B2B startups, further cementing its position as a leader in enterprise-focused venture capital.
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