Emergence Capital closes on $1B fund to back B2B companies

Emergence Capital has closed its $1 billion seventh fund, it reported on Tuesday

It’s the agency’s first increase in almost 4 years. In Might 2021, the San Mateo, California-based enterprise agency rounded up nearly a billion dollars in capital commitments across two funds. 

At the moment, it closed its sixth early-stage fund with $575 million; the agency additionally raised a possibility 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 companies, Emergence seems to be all in on synthetic intelligence, with basic accomplice 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, advised Fortune that Emergence has “cautious traders” and “deep area specialists in SaaS and software program.”