Emergence Capital

aid: emergence-capital
name: Emergence Capital
description: >-
  Emergence Capital is an early-stage venture capital firm founded in 2003 and headquartered in
  San Francisco, California, focused exclusively on early-stage B2B / enterprise software. Its
  founding thesis — that business software would move to the cloud — produced some of the defining
  SaaS bets of the era, including a contrarian 2003 investment in Salesforce and being the sole
  venture backer of Veeva's 2008 Series A. The firm runs a deliberately high-conviction, low-volume
  model in which each partner makes roughly one investment per year, enabling deep engagement with
  every founder. Its current thesis centers on "AI-native services" — companies that sell outcomes
  rather than software subscriptions, whose service margins improve as AI models improve — alongside
  AI infrastructure, physical-world AI, and horizontal and vertical SaaS. Emergence closed Fund VII
  at $1B in March 2025 (its largest fund, following Fund VI at $575M in 2021), has deployed less than
  $2.5B to generate $9B+ in realized returns, and its portfolio companies are collectively worth over
  $450B. Notable investments include Salesforce, Zoom, Veeva, Box, Bill.com, Gusto, Doximity, and
  Ironclad. Reported outcomes: 90%+ of early-stage investments raised successful follow-ons, 20%+
  surpassed a $1B valuation, and 10%+ went public.
x-type: venture-capital
x-category: Venture Capital
tags:
  - Venture Capital
  - Early Stage
  - Series A
  - Enterprise Software
  - Software-as-a-Service
  - B2B
  - Cloud
  - Artificial Intelligence
  - Developer Tools
  - Fintech
  - North America
  - San Francisco
tags_raw:
  - Venture Capital
  - Early Stage
  - Series A
  - Enterprise Software
  - SaaS
  - B2B
  - Cloud
  - AI
  - Developer Tools
  - Fintech
  - North America
  - San Francisco
deliveryModel:
  model: unknown
  open_source: false
  commercial: false
  callable_host: false
  label: Delivery model not determined — needs a product licence on record
  confidence: low
  source:
  - none
  generated: '2026-08-28'
  method: derived
accessModel:
  pricing: unknown
  onboarding: unknown
  trial: false
  try_now: false
  public: false
  label: Unknown
  confidence: low
  source: []
  generated: '2026-07-22'
  method: derived
image: https://www.emcap.com/favicon.ico
created: '2026-07-17'
modified: '2026-07-17'
specificationVersion: '0.23'
apis: []
common:
  - type: Website
    url: https://www.emcap.com/
  - type: Portfolio
    url: https://www.emcap.com/portfolio
  - type: Portfolio
    url: portfolio/emergence-capital-portfolio.yml
  - type: Team
    url: https://www.emcap.com/team
  - type: InvestmentThesis
    url: https://www.emcap.com/ai-native-services
  - type: About
    url: https://www.emcap.com/about
  - type: Blog
    url: https://www.emcap.com/thoughts
  - type: Newsletter
    url: https://emcap.substack.com/
  - type: Pitch
    url: https://airtable.com/appOuqz2X3sJF9ih4/shrrAEDb8LKp48VNC
  - type: Contact
    url: https://airtable.com/appOuqz2X3sJF9ih4/shrrAEDb8LKp48VNC
  - type: Crunchbase
    url: https://www.crunchbase.com/organization/emergence-capital-partners
  - type: LinkedIn
    url: https://www.linkedin.com/company/emergence-capital-partners/
  - type: Twitter
    url: https://x.com/emergencecap
  - type: Features
    data:
      - 'Stage: Early stage (Series A and earlier)'
      - 'Model: One investment per partner per year (high-conviction, low-volume)'
      - 'Sectors: enterprise/B2B software, SaaS, AI-native services, AI infrastructure, physical-world AI, fintech, developer tools'
      - 'Geography: North America (San Francisco HQ)'
      - 'Fund VII: $1B (closed March 2025)'
      - 'Fund VI: $575M (2021)'
      - 'Capital deployed: <$2.5B for $9B+ realized returns'
      - 'Portfolio collective value: $450B+'
      - 'Founded: 2003'
      - 'HQ: Pier 5, Ste 102, San Francisco, CA 94111'
    sources:
      - https://www.emcap.com/
      - https://www.emcap.com/about
    updated: '2026-07-17'
maintainers:
  - FN: Kin Lane
    email: kin@apievangelist.com
    url: https://apievangelist.com
  - FN: APIs.json
    url: https://apisjson.org
  - FN: Emergence Capital
    url: https://www.emcap.com/