Multiple university endowments back Emergence Capital Partners fourth fund, worth $335m.
Emergence Capital, a leading investor in cloud-based firms, has raised its fourth fund, worth $335m.
As with previous fundraises, Emergence’s backers have remained unnamed. However, it is understood numerous US-based university endowment funds, both new and existing backers of Emergence, joined the fundraising. The endowments were joined by national foundations and pension funds, which have also gone unnamed.
Founded in 2003, the investor has remained focused on cloud-based software throughout its 12-year history. The venture capitalist last raised $250m in 2012 for its third fund, and has nearly $1bn under management.
Companies the firm has invested in are collectively valued at $50bn, and include sales platform Salesforce.com, cloud storage firm Box, and Microsoft-acquired Yammer.
Jason Green, co-founder at Emergence, said: “With this new fund, Emergence Capital builds on our original commitment to be the most important partner to the most important enterprise cloud companies of today and the future. Cloud technology is evolving, and we see great opportunities to help founders in new growth areas such as vertical industry cloud solutions, enterprise mobile applications and next generation collaboration platforms,” added Gordon Ritter, Co-founder and General Partner.
