359 Capital, formerly known as Sapphire Sport, has transitioned to operate as an independent venture firm. The firm’s rebranding marks a significant evolution in its focus on sports, media, and entertainment investments.
The new name, 359 Capital, is inspired by the sub-four-minute mile achievement, symbolizing the firm’s commitment to helping portfolio founders surpass perceived limits through unwavering dedication. Co-founder and managing partner Michael Spirito emphasized that the new name embodies the essence of supporting entrepreneurs in accomplishing extraordinary feats.
Having secured $181 million for its second fund, 359 Capital stands as a testament to its distinct approach in the investment landscape. The firm’s strategic separation from Sapphire Ventures, a prominent player with $11 billion in assets under management, underscores its maturation and readiness for independent operations.
359 Capital’s unique positioning is further highlighted by its exclusive group of limited partners deeply entrenched in the sports industry, including prominent entities like City Football Group, adidas, and AEG. By fostering strong relationships with partners linked to sports, the firm gains invaluable insights into emerging technologies reshaping the media and sports sectors.
Through strategic investments in innovative startups like Beehiiv, Betty Labs, Overtime, Perplexity, and Tonal, 359 Capital continues to drive advancements at the intersection of technology and sports.
Source: TechCrunch