Emergence Capital

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Overview

Emergence Capital is a venture capital firm specializing in early-stage B2B enterprise software investments. Founded in 2003, the firm manages approximately $3.2 billion in assets across seven funds and is known for its high-conviction, low-volume investment approach, typically making five to seven new investments annually. The firm gained prominence through early investments in iconic companies including Salesforce, Zoom, Box, Veeva Systems, and Bill.com, and has recently intensified its focus on AI-native enterprise companies.

History

Emergence Capital was founded in 2003 by Jason Green, Brian Jacobs, and Gordon Ritter in San Francisco with the conviction that enterprise software would migrate to the cloud, leading to their early investment in Salesforce.com. Since its founding, the firm has maintained zero partner turnover among its investing partners, with only nine investing partners in total across 22 years, two of whom have retired. The firm closed its seventh and largest fund at $1 billion in March 2025, bringing total capital raised to $2.3 billion. Over two decades, Emergence has built a portfolio collectively worth over $450 billion in market capitalization.

Product Lines

Product Line	Positioning	Price Range
Early-Stage B2B Software Investments	High-conviction, low-volume venture capital	Seed to Series B funding rounds
AI-Native Enterprise Solutions	AI-driven business transformation	Series A to Series B funding rounds
Cloud Enterprise Software	Cloud-based business applications	Early-stage to growth-stage funding

Manufacturing

As a venture capital firm, Emergence Capital does not manufacture physical products. The firm provides capital, operational expertise, and strategic guidance to portfolio companies, leveraging its extensive network and deep operational knowledge to support founders in scaling their businesses.

Notable Products

Salesforce Investment - Early foundational investment in cloud-based CRM platform that validated the firm's enterprise software thesis
Zoom Investment - Early-stage investment in video conferencing platform that became a market leader
Together AI Investment - $3.3 billion LLM infrastructure platform representing the firm's focus on AI-native enterprise companies
Physical Intelligence Investment - Recent AI-driven enterprise innovation investment made in the last 12 months
Box Investment - Early investment in cloud content management platform

Reputation

Emergence Capital is recognized as a disciplined and selective venture capital firm with exceptional track record in identifying early-stage enterprise software winners. The firm is respected for its zero partner turnover and deep operational support model, with over nine in ten early-stage investments securing successful follow-on funding and more than one in five reaching unicorn status. Industry observers note the firm's lean, focused approach allows for high-touch founder support, though some note the firm has fewer resources than larger venture capital funds. The firm maintains strong relationships with founders and is known for supporting companies from inception through IPO.

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