Sapphire Sport Venture Fund Rebrands as Independent Firm, 359 Capital

The venture fund focused on sports, media, and entertainment, formerly known as Sapphire Sport, is now operating as an independent firm under the name 359 Capital, a move signaling increased autonomy and a sharpened focus on its specialized investment area.

The rebrand, announced today, culminates a long-term plan for the fund, which launched its first investment vehicle nearly seven years ago. According to 359 Capital co-founder and managing partner Michael Spirito, the new name – a reference to the historic sub-four-minute mile – embodies the firm’s commitment to supporting founders who aim to achieve ambitious goals. “The name reflects our core principle of helping our portfolio founders achieve the impossible,” Spirito said.

While previously operating under the umbrella of Sapphire Ventures, a firm managing approximately $11 billion in assets, Sapphire Sport maintained a distinct group of limited partners heavily invested in the sports industry, including City Football Group, adidas, AEG, and Madison Square Garden. This network provides portfolio companies with valuable insights into the evolving sports and media technology landscape. 359 Capital’s portfolio includes companies like Beehiiv, Betty Labs, Overtime, Perplexity, and Tonal – reflecting a diverse range of investments in the creator economy and emerging technologies. You can learn more about 359 Capital’s investment strategy on Crunchbase.

All 30 companies in the fund’s portfolio and its investment team, including Spirito and co-founders David Hartwig and Doug Higgins, will transition to 359 Capital. The firm will continue to focus on Series A and Series B funding rounds, with investments ranging from $2 million to $10 million, and will continue deploying capital from its current $181 million fund through the first half of 2027. This move comes as competition in the sports-focused venture capital space intensifies, with firms like Courtside Ventures also actively raising new funds.

Spirito stated the firm is “all grown up and ready to leave home,” and will continue to leverage its strong LP network to support its portfolio companies’ growth.