Emergence Capital Partners (http://www.emcap.com), the leading venture capital firm focused on investing in Technology-Enabled Services companies, announced that it has closed its third fund, Emergence Capital Partners III. Initially targeted at $200 million, the fund was oversubscribed and ultimately capped at $250 million.

Limited partners in the fund include a select group of highly respected university endowments, national foundations and pension funds that have a deep history of successful investing in venture capital. Emergence now has $575 million under management across three funds. The firm is known for having been early investors in the top two public SaaS leaders, Salesforce.com (CRM) and SuccessFactors (SFSF), as well as in leading private companies including EchoSign (acquired by Adobe), Yammer, Lithium, YouSendIt, Box, Veeva Systems, and many others.

Since its founding in 2003, Emergence has been committed to finding and backing the finest entrepreneurs who are passionate about building business-focused Technology-Enabled Services companies. Combined, the Emergence portfolio now impacts over 30 million business users and 300,000 businesses in 190+ countries. Emergence invests across a number of areas within technology-enabled services including SaaS, cloud services, business freemium, social and mobile enterprise applications, analytics, and adtech.

"Yammer is really excited to be working with Emergence Capital," said David Sacks, founder and CEO of Yammer and former COO of PayPal. "They truly understand the SaaS model and have helped recruit great talent to our team. They have been fantastic partners."

"Emergence Capital is Veeva's only institutional investor," said Peter Gassner, CEO of Veeva Systems. "Their team-based approach and laser focus on the cloud has helped us make strategic 'bet the company' decisions that have paid off big. Veeva has become the leading cloud company in the life sciences industry in just five years. We could not have done it without Emergence."

Emergence's new fund will be managed by General Partners Jason Green, Brian Jacobs, Gordon Ritter and Kevin Spain, along with other key team members.

About Emergence Capital Partners (@emergencecap)

Emergence Capital Partners, based in San Mateo, Calif., is the leading venture capital firm focused on early and growth-stage Technology-Enabled Services companies. Its mission is to invest in emerging leaders unleashing the power of Technology-Enabled Services to empower business users and organizations around the globe. Emergence's partners have funded and helped build more than 50 TES companies, more than any other venture firm. Emergence Capital has $575 million under management. The firm's investments include companies such as Salesforce.com (CRM), SuccessFactors (SFSF), Yammer, Lithium, YouSendIt, Box, and Veeva Systems.