Sapphire Sport, a venture fund specializing in sports, media, and entertainment, is spinning out from its parent company, Sapphire Ventures, and rebranding as 359 Capital with a $300 million assets under management. The new name is inspired by the sub-four-minute mile, symbolizing the firm’s commitment to helping founders achieve seemingly impossible goals. The separation was planned from the start, as the team has grown and is now ready to operate independently. Sapphire Sport has maintained a distinct group of limited partners focused on the sports industry, including major names like City Football Group and Madison Square Garden. The rebranding marks a new chapter for the firm, which will continue to invest in Series A and Series B startups with checks ranging from $2 million to $10 million.
Key facts
- Sapphire Sport is spinning out from Sapphire Ventures and rebranding as 359 Capital with $300 million in assets under management.
- The new name, 359 Capital, is inspired by the sub-four-minute mile, representing the firm’s belief in achieving the impossible.
- The separation from Sapphire Ventures was planned from the beginning, as the team has matured and is now independent.
- Sapphire Sport has a dedicated group of limited partners in the sports industry, including City Football Group and Madison Square Garden.
- 359 Capital will continue to focus on Series A and Series B startups, investing between $2 million and $10 million per deal.
