Nearly seven years after announcing its first fund, Sapphire Sport – a enterprise capital fund focused on sports, media and entertainment – is separating from Sapphire Ventures. The fund will change its name to an independent enterprise capital company, 359 Capital.
The company’s latest name pays homage to the sub-four-minute mile run, a feat once considered humanly not possible but ultimately achieved through rigorous dedication and perseverance. 359 Capital co-founder and managing partner Michael Spirito said the name reflects the firm’s core principle of helping portfolio founders achieve the not possible.
Separating from Sapphire Ventures, an investment firm with about $11 billion in assets under management, has at all times been on the “vision board,” Spirito said. “We are all adults and ready to leave home.”
Sapphire Sport, which is currently halfway through its $181 million second fund, has at all times maintained a separate group of limited partners from Sapphire Ventures. All of its LPs have deep ties to the sports industry, including major brands equivalent to City Football Group, adidas, AEG, Madison Square Garden, Sinclair and dozens of team owners.
“When we started in 2019, the name Sapphire Sport wasn’t just alliterative and sounded cool,” Spirito said. “Sport has taken over the LP group.”
Seven years later, sports LPs proceed to leverage their relationships with the company to gain insight into emerging technology firms in the media and sports world, Spirito said.
Startups supported by 359 Capital include Beehiiv, a newsletter addressed to creators; Betty Labs online casino; sports media platform; Overtime, an AI search engine; Perplexity, a successful AI browser; and Tonal, a home gym system.
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The company’s entire portfolio of 30 firms and its entire investment staff will probably be transferred to 359 Capital. The acquired staff includes Spirito, Sapphire Ventures co-founders David Hartwig and Doug Higgins, and newly promoted partner Rico Mallozzi.
As 359 Capital, the firm will proceed to focus primarily on Series A and B startups, writing checks ranging from $2 million to $10 million. Spirito said the company will proceed to invest from its second fund through the first half of 2027.
359 Capital will have loud competition in the world of sports-focused enterprise capital. Courtside Ventures, backed by Shaquille O’Neal and Michael Jordan, According to An., it is in the means of collecting its fourth fund of $100 million Filing an application with the SEC.