Sapphire Sport Spins Out, Rebrands as 359 Capital with $300M AUM

Why It Matters

The spin‑out gives the sports‑focused LPs a dedicated vehicle to back emerging tech, potentially accelerating innovation in sports media and entertainment, while the independent status may attract additional capital in a crowded niche.

Summary

Sapphire Sport, the sports‑media‑entertainment venture fund of Sapphire Ventures, is spinning out and rebranding as independent firm 359 Capital. The new firm inherits the fund’s $300 million in assets under management, including a $181 million second fund that is halfway deployed, and will move its 30‑company portfolio and investment team. Its limited partners are major sports‑industry players such as City Football Group, adidas and Madison Square Garden, and the firm will continue to focus on Series A and B deals of $2‑10 million through 2027. 359 Capital will compete with other sports‑focused VCs like Courtside Ventures.