Early Zoom Backer Emergence Closes in on $1 Billion of New Funds

By Katie Roof

Published: October 17, 2024 at 10:28PM EDT

A pedestrian takes a picture of the Zoom Video Communications Inc. pavilion ahead of the World Economic Forum (WEF) in Davos, Switzerland, on Sunday, Jan. 15, 2023. The annual Davos gathering of political leaders, top executives and celebrities runs from January 16 to 20. (Stefan Wermuth/Bloomberg)

(Bloomberg) -- Emergence Capital is close to securing $1 billion of new capital for tech investment, according to a person familiar with the matter.

The San Francisco-based venture capital firm could close the funding as soon as Friday, said the person, who asked not to be identified because the information was private.

Emergence Capital’s investments have included Box Inc., Zoom Video Communications Inc. and Together AI, according to its website. At $1 billion, the latest vehicle would be larger than eight of the firm’s earlier funds, according to data compiled by Bloomberg. It last raised $950 million of capital in 2021.

A representative for Emergence Capital didn’t immediately respond to request for comment.