Emergence Capital has closed its $1 billion seventh fund, it reported on Tuesday
It’s the agency’s first increase in practically 4 years. In Might 2021, the San Mateo, California-based enterprise agency rounded up practically a billion {dollars} in capital commitments throughout two funds.
At the moment, it closed its sixth early-stage fund with $575 million; the agency additionally raised a so-called alternative fund for the primary time, closing it with $375 million in capital commitments.
Based in 2003, Emergence was traditionally targeted on enterprise tech startups. Like many different enterprise corporations, Emergence seems to be all in on synthetic intelligence with basic associate Joe Floyd telling Fortune: “It’s a generational alternative for AI investing, interval.”
Through the years, Emergence has backed the likes of Invoice.com, Salesforce, Gusto, Zoom, Field and Invoice.com.
Stanford College has backed Emergence since 2007. Rob Wallace, CEO of Stanford Administration Firm, instructed Fortune that Emergence has “cautious buyers” and “deep area specialists in SaaS and software program.”