Eggence Capital has closed its $1 billion seventh fund, which reported Tuesday
This is the first salary increase for the company in almost four years. In May 2021, the San Mateo, California-based venture company rounded up nearly $1 billion in capital commitments across two funds.
At the time, it closed its sixth early stage fund for $575 million. The company also raised the Opportunity Fund for the first time, closing it with a $375 million capital commitment.
Established in 2003, the emergence historically focused on enterprise tech startups. Like many other ventures, the emergence appears to be all present in artificial intelligence, with general partner Joe Floyd telling Fortune:
For many years, Emergence has supported Bill.com, Salesforce, Gusto, Zoom, Box, Bill.com and more.
Stanford University has been supporting its emergence since 2007. Rob Wallace, CEO of Stanford Management Company, told Fortune that the emergency has “a prudent investor” and “a deep domain specialist in SaaS and software.”