Emergence Capital has officially closed its seventh fund at $1 billion. Marking a major milestone as the venture firm leans heavily into artificial intelligence. The latest fund, announced Tuesday, comes nearly four years after the firm last raised capital. This is a clear sign that Emergence is doubling down on what it sees as the next generational opportunity.
Back in May 2021, the San Mateo-based investor pulled together almost $1 billion across two separate funds. That included $575 million for its sixth early-stage fund. And an additional $375 million for its first-ever opportunity fund, designed to back breakout companies in later rounds.
Now, with Fund VII, Emergence Capital signals a sharp focus on AI and enterprise software. The firm, known for its deep roots in enterprise tech, has built an impressive portfolio over the years with investments in companies like Bill.com, Salesforce, Zoom, Gusto, and Box — startups that have grown into industry leaders.
General Partner Joe Floyd didn’t mince words about where the firm is headed next. Speaking to Fortune, he called AI “a generational opportunity” for investors — reflecting the broader venture capital rush into artificial intelligence and SaaS.
Emergence Capital’s track record and disciplined approach have earned it loyal backers. Notably, Stanford University has been a supporter since 2007. Rob Wallace, CEO of Stanford Management Company, praised the firm for its “careful investors” and “deep domain specialists in SaaS and software,” highlighting Emergence’s consistency in identifying standout enterprise startups.
While many venture firms are chasing trends, Emergence appears committed to sticking with its strengths — SaaS, software, and now, AI. This new billion-dollar fund positions the firm to make big bets on the next wave of artificial intelligence startups shaping the future of enterprise tech.
