Emergence Capital announced on Tuesday the successful closing of its $1 billion seventh fund. This marks the firm’s first fundraising event in nearly four years. Previously, in May 2021, the venture firm, headquartered in San Mateo, California, secured nearly a billion dollars in capital commitments through two separate funds.
During that period, Emergence Capital finalized its sixth early-stage fund, gathering $575 million, and for the first time, established an opportunity fund, which amassed $375 million in capital commitments.
Since its inception in 2003, Emergence has primarily concentrated on enterprise technology startups. In alignment with numerous other venture firms, Emergence is currently focusing on artificial intelligence, with general partner Joe Floyd describing AI investment as a “generational opportunity.”
Over its years of operation, Emergence Capital has invested in prominent companies such as Bill.com, Salesforce, Gusto, Zoom, and Box.
Since 2007, Stanford University has been an investor in Emergence. Rob Wallace, CEO of Stanford Management Company, expressed confidence to Fortune in the firm, emphasizing that Emergence comprises “careful investors” and “deep domain specialists in SaaS and software.”
