Return to search

Emergence closes $200m VC fund

California venture capital firm Emergence has closed its second, online software-focused fund on $200 million.

Emergence Capital Partners has closed on $200 million (€148 million) its second fund dedicated to early and growth-stage “technology-enabled services” companies. The specialty sector includes software as service, on-demand or utility computing solutions, as well as outsourced consumer and business services, information services, and service-enabling software and infrastructure, the VC firm’s website notes.

One of Emergence’s three founders and general partners, Brian Jacobs, told VentureWire the fund’s limited partners include existing investors Morgan Stanley, the University of Michigan, the University of Minnesota, the California Public Employees’ Retirement System and Fairview Capital Partners.

The firm’s debut fund closed in 2004 on $125 million. Its portfolio companies that have had successful exits include DoubleClick, recently sold to Google for $3.1 billion, and search engine Ask Jeeves, now called Ask, which was in 2005 sold to IAC/InterActiveCorp for $1.85 billion.

Based in San Mateo, California, Emergence was founded by Jacobs, previously a general partner at St. Paul Venture Capital for 10 years, along with Jason Green and Gordon Ritter. Green’s resume includes stints at US Venture Partners, Venrock Associates, Bain & Company and Welsh, Carson, Anderson, and Stowe. Ritter was the co-founder and CEO of web services platform company Software As Service, and was also vice president of IBMs Global Small Business division.