Emergence Capital has closed its $1 billion seventh fund, it reported on Tuesday
It’s the agency’s first elevate in almost 4 years. In May 2021, the San Mateo, California-based enterprise agency rounded up almost a billion {dollars} in capital commitments throughout two funds.
At that point, it closed its sixth early-stage fund with $575 million; the agency additionally raised a chance fund for the primary time, closing it with $375 million in capital commitments.
Founded in 2003, Emergence was traditionally centered on enterprise tech startups. Like many different enterprise companies, Emergence seems to be all in on synthetic intelligence, with common associate Joe Floyd telling Fortune: “It’s a generational alternative for AI investing, interval.”
Over the years, Emergence has backed the likes of Bill.com, Salesforce, Gusto, Zoom, Box, and Bill.com.
Stanford University has backed Emergence since 2007. Rob Wallace, CEO of Stanford Management Company, informed Fortune that Emergence has “cautious traders” and “deep area specialists in Cloud Software and software program.”
