Emergence Capital is a San Francisco-based venture capital firm founded in 2003, specializing in early-stage B2B software and AI-native services companies. The firm partnered with Salesforce in 2003 as a contrarian bet on horizontal SaaS, was the sole venture backer of Veeva's 2008 Series A (which became the world's largest vertical SaaS company), and has since backed iconic companies including Zoom, Bill.com, Doximity, Ironclad, and Gusto. Emergence focuses on identifying emerging business models unlocked by technology revolutions, currently concentrating on AI infrastructure, physical world AI, and AI-Native Services companies that sell outcomes rather than software. The firm maintains a distinctive investment approach where each Partner makes only one investment annually, enabling deep engagement with every founder. With zero Partner turnover since inception, Emergence has achieved over $9 billion in realized returns on less than $2.5 billion invested. Over 9 in 10 of their early-stage investments have raised successful follow-on rounds, over 1 in 5 have surpassed $1 billion valuations, and over 1 in 10 have gone public. The firm operates from Pier 5 in San Francisco and provides hands-on support across talent acquisition, customer connections, and strategic guidance throughout each company's journey from Series A through IPO.
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