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Sapphire Sport spins out, rebrands as 359 Capital with $300M AUM
Sapphire Sport is rebranding to 359 Capital after spinning out from Sapphire Ventures, with $300M in assets under management. The name symbolizes overcoming challenges akin to achieving a sub-four-minute mile. The firm aims to assist portfolio founders in reaching ambitious goals, maintaining focus on sports and tech startups, and plans further investments with a current portfolio of related companies.
Key points
- Sapphire Sport spins out from Sapphire Ventures, establishing itself as 359 Capital, emphasizing independence and growth.
- The new name honors the sub-four-minute mile, embodying dedication and the pursuit of the seemingly impossible.
- 359 Capital continues to serve a specialized group of limited partners deeply connected to the sports industry.
- The firm is transitioning its entire portfolio of 30 companies and investment staff as it rebrands, including key management.
- It will focus on investing in Series A and B startups, writing checks between $2M to $10M.
- While 359 Capital continues to back sports-related startups, it faces competition from others like Courtside Ventures.
Why it matters
- The spin-out reflects a trend observed in venture capital where niche firms are gaining independence to specialize, especially in high-growth areas.
- Similar to the rise of targeted investment sectors seen over recent years, 359 Capital's focus on sports and tech parallels the increasing digitization in the industry through 2025.
- Investments in AI technologies, like those backed by 359 Capital, resonate with the broad trend towards integrating AI in various sectors of business, including sports and entertainment.
The emergence of 359 Capital marks a significant milestone in its journey from a strategic affiliate to an independent player in sports venture capital, aligning with current investment trends prioritizing niche markets and innovative technologies.