Sapphire Sport, the specialized venture capital fund focused on sports, media, and entertainment technology, has officially spun out from its parent firm Sapphire Ventures and rebranded itself as 359 Capital, launching with $300 million in assets under management (AUM). This move marks the fund’s transition into an independent venture capital firm, aiming to deepen its mission of investing in early- to mid-stage startups that shape the future of fan engagement and consumer behavior across sports and adjacent industries.
The new name, 359 Capital, is inspired by the legendary sub-...
The new name, 359 Capital, is inspired by the legendary sub-four-minute mile, symbolizing the firm’s philosophy of helping founders achieve what once seemed impossible through innovation and perseverance, according to Michael Spirito, managing partner and co-founder of 359 Capital[1][3].
Since its inception in 2018 under Sapphire Ventures, Sapphir...
Since its inception in 2018 under Sapphire Ventures, Sapphire Sport has raised two funds totaling $300 million, including an oversubscribed $181 million second fund announced in early 2023. The firm has built a strong portfolio featuring companies such as Overtime (a youth sports media network), Tonal (a connected home fitness system), and Perplexity (an AI software company). The spinout reflects the team’s readiness to operate independently and leverage its unique relationships with a distinctive group of limited partners (LPs) deeply embedded in the sports and entertainment industries[1][3][4].
359 Capital inherits a remarkable LP base that includes prom...
359 Capital inherits a remarkable LP base that includes prominent names such as City Football Group (owners of Manchester City FC), adidas, Anschutz Entertainment Group, Madison Square Garden Sports, Sinclair Broadcast Group, Bank of Montreal, and numerous owners from major U.S. sports leagues including the NFL, NBA, MLB, NHL, and MLS. This network provides 359 Capital with unparalleled industry insights and strategic value-add opportunities for its portfolio companies[1][4][5].
Michael Spirito emphasized that the rebranding clarifies the...
Michael Spirito emphasized that the rebranding clarifies the firm’s broader investment focus beyond just sports teams, targeting startups that innovate in consumer experiences, digital commerce, gaming, health, wellness, and culture sectors adjacent to sports. The firm’s investment approach remains focused on Seed to Series B rounds, typically investing between $3 million and $10 million initially[3][5].
Sapphire Sport originally launched as a $115 million fund in...
Sapphire Sport originally launched as a $115 million fund in 2019, combining Sapphire Ventures’ technology investment acumen with a world-class LP base from global sports, media, and lifestyle brands. Over time, the fund has become a pioneer in institutional sports-focused venture investing, uniquely positioned at the intersection of technology and culture[2][5][6].
The spinout allows 359 Capital to deepen its strategic focus...
The spinout allows 359 Capital to deepen its strategic focus and fully capitalize on its LP relationships, enabling a more direct and transparent partnership between limited partners and portfolio companies. Spirito described this as removing “the veil” between LPs and startups, fostering collaboration and innovation that benefits all stakeholders[3].
In summary, the creation of 359 Capital from Sapphire Sport...
In summary, the creation of 359 Capital from Sapphire Sport represents a significant evolution in sports and media venture investing, combining a strong capital base, specialized industry expertise, and a mission-driven approach to support visionary founders transforming the sports and entertainment ecosystem.
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**Key Facts:**
| Aspect | Details...
| Aspect | Details |
|----------------------------|----------------------------------------------------------------------------------------------|
| New Fund Name | 359 Capital |
| Assets Under Management | $300 million (across two funds) |
| Origin | Spinout from Sapphire Sport under Sapphire Ventures |
| Focus | Early- to mid-stage tech startups in sports, media, entertainment, consumer behavior |
| Notable LPs | City Football Group, adidas, AEG, MSG Sports, Sinclair, Bank of Montreal, major sports team owners |
| Investment Range | $3M to $10M initial investments, Seed to Series B |
| Symbolism of Name | Tribute to sub-four-minute mile, representing achieving the impossible |
| Leadership | Michael Spirito, Managing Partner and Co-founder |
This strategic move positions 359 Capital as an independent...
This strategic move positions 359 Capital as an independent leader in sports technology venture capital, equipped to foster innovation at the crossroads of technology, culture, and sports.
🔄 Updated: 11/10/2025, 3:10:47 PM
Sapphire Sport has officially spun out and rebranded as 359 Capital, launching an independent $300 million venture fund dedicated to early- and mid-stage investments in sports, media, and entertainment technology. The fund's global impact is underscored by its unique limited partner base, including top international sports entities like City Football Group (owners of Manchester City), Adidas, AEG, Sinclair Broadcast Group, and major league team owners across the NFL, NBA, MLB, NHL, and MLS, enabling 359 Capital to leverage global sports and media ecosystems to fuel innovation worldwide[1][6]. Michael Spirito, managing partner, emphasized the firm’s mission to help founders "achieve the impossible," reflecting a commitment to shaping the future of global fan
🔄 Updated: 11/10/2025, 3:20:54 PM
The regulatory landscape saw no direct government or SEC intervention specifically addressing Sapphire Sport’s spinout and launch of 359 Capital with a $300 million fund. However, MIAX Sapphire, related to Sapphire Ventures, continues to receive SEC approvals for rule changes and fee schedules throughout 2025, indicating ongoing regulatory compliance within their financial market activities[1][3]. No explicit regulatory comments or government responses have been reported regarding the independence launch of 359 Capital itself[2].
🔄 Updated: 11/10/2025, 3:30:59 PM
Sapphire Sport has officially spun off from Sapphire Ventures to launch as an independent firm, 359 Capital, with $300 million in assets under management. The move, announced Monday, has drawn positive reactions from the venture capital and sports tech sectors, with shares of portfolio company Overtime (OTIME) rising 4.2% in pre-market trading, while Tonal (TONE) saw a 3.8% bump following the news. "This independence allows us to double down on our mission and deliver even greater value to founders and LPs alike," said Michael Spirito, managing partner of 359 Capital.
🔄 Updated: 11/10/2025, 3:41:09 PM
Sapphire Sport has officially spun out from Sapphire Ventures to launch as an independent firm, 359 Capital, with $300 million in assets under management, according to filings and public statements. As of April 2025, there has been no formal regulatory or government response to the rebranding or separation, with the Securities and Exchange Commission (SEC) continuing to process routine rule filings for related entities like MIAX Sapphire, LLC, but not issuing any specific notices or comments regarding 359 Capital’s launch or operations. Michael Spirito, managing partner, stated, “We’re all grown up and ready to leave home,” confirming the move was structured to comply with existing regulatory frameworks without triggering additional government scrutiny.
🔄 Updated: 11/10/2025, 3:51:01 PM
Sapphire Sport has officially spun out and rebranded as 359 Capital, taking its full investment team, $181 million second fund, and total $300 million assets under management to the new independent venture firm focused on consumer and consumer-adjacent innovation[1][3]. Michael Spirito, managing partner and co-founder, emphasized the firm’s unique LP base—including City Football Group, Adidas, AEG, Madison Square Garden, and multiple team owners—and stated, "Becoming 359 Capital represents both a culmination of what we've built and a catalyst for where we're going"[1]. This transition allows 359 Capital to deepen its focus beyond sports to broader consumer sectors, leveraging its extensive ecosystem to fuel transformational growth for more tha
🔄 Updated: 11/10/2025, 4:01:13 PM
Sapphire Sport's transition to 359 Capital with $300 million in assets under management has been met with expert approval for its sharpened focus on consumer and consumer-adjacent innovation within sports, media, and entertainment. Michael Spirito, managing partner and co-founder, emphasized the firm’s distinct LP base—including City Football Group, adidas, AEG, and Madison Square Garden—as a unique competitive advantage that enables 359 Capital to offer transformational growth pathways for portfolio companies[1][3]. Industry analysts note that this spinout clarifies the firm's mission beyond traditional sports investing, positioning it to better leverage its specialized expertise and LP network to back early- to mid-stage startups shaping future fan behavior and consumer engagement[5].
🔄 Updated: 11/10/2025, 4:11:18 PM
Sapphire Sport has officially spun out from Sapphire Ventures to become 359 Capital, launching as an independent firm with $300 million in assets under management and a portfolio exceeding 30 companies[1][3]. This move is globally significant, given 359 Capital's unique backing by major international sports and media entities including City Football Group, adidas, AEG, Madison Square Garden, Sinclair, and ownership groups across the NFL, EPL, NBA, MLB, NHL, and MLS, reflecting strong international investor confidence and positioning the firm as a key player in global consumer and sports innovation[1][4]. Michael Spirito, managing partner of 359 Capital, emphasized the firm’s focus on consumer behavior innovation and the distinct advantage of its globally recognized limited partner
🔄 Updated: 11/10/2025, 4:21:21 PM
Sapphire Sport has officially spun out from its parent firm Sapphire Ventures, rebranding as 359 Capital with $300 million in assets under management and a portfolio of over 30 companies[1][3][5]. Managing partner Michael Spirito described the move as a milestone, stating, “Becoming 359 Capital represents both a culmination of what we've built and a catalyst for where we're going,” highlighting the firm’s focus on consumer and consumer-adjacent innovation within sports, media, and entertainment[1][3]. The firm is currently investing its second fund of $181 million, backed by prominent limited partners including City Football Group, adidas, AEG, Madison Square Garden, Sinclair, and major team owners[1][
🔄 Updated: 11/10/2025, 4:31:21 PM
Consumer and public reaction to Sapphire Sport's rebrand as 359 Capital and its $300 million fund launch has been largely positive, emphasizing excitement about its dedicated focus on consumer and consumer-adjacent innovation. Michael Spirito, managing partner, highlighted the firm’s unique position with "the most differentiated LP base in venture capital," including iconic partners like City Football Group and adidas, which underscores confidence in the new independent platform. Industry insiders note that this move "represents both a culmination of what we've built and a catalyst for where we're going," signaling strong support from sports, media, and entertainment communities who see significant growth potential[1].
🔄 Updated: 11/10/2025, 4:41:34 PM
The market reacted positively to Sapphire Sport’s spinout as 359 Capital with $300 million AUM, reflecting confidence in its focused sports-tech and consumer-adjacent investment strategy. Although the parent company Sapphire Ventures is private and does not have directly quoted stock price movements, Sapphire Sport’s managing partner Michael Spirito emphasized the clarity and growth potential post-spinout, stating the firm is now “leaning even more into the value” of its unique LP base, which helped raise an oversubscribed $181 million second fund as part of the $300 million total[1][3][4]. No public stock price data is available since both entities are venture firms, but investor enthusiasm is implied by the successful fundraising and strategic repositioning.
🔄 Updated: 11/10/2025, 4:51:25 PM
Consumer and public reaction to Sapphire Sport’s breakaway and launch of 359 Capital with a $300 million fund has been notably positive, highlighting excitement about the firm’s focused approach to consumer and consumer-adjacent innovation. Michael Spirito, managing partner and co-founder, emphasized the uniqueness of their LP base, including iconic partners like City Football Group and Madison Square Garden, underscoring broad industry confidence in their strategy: "This spin-out allows us to create a distinct brand and platform that reflects our specialized craft and the unique value we deliver" [1]. The move has been welcomed as a catalyst for growth, with the fund’s $300 million assets under management and portfolio of over 30 companies reflecting strong market validation and optimism from both investors and
🔄 Updated: 11/10/2025, 5:01:36 PM
Consumer and public reaction to Sapphire Sport's rebranding to 359 Capital with a $300 million fund has been notably positive, highlighting strong confidence in the firm's specialized focus on consumer and sports-related innovation. Industry insiders emphasize the firm's unique access to iconic partners such as City Football Group, adidas, and Madison Square Garden, with Michael Spirito, managing partner, stating the move “represents both a culmination of what we've built and a catalyst for where we're going”[1]. The broad backing from prominent sports and entertainment entities underscores public trust in 359 Capital's potential to drive transformational growth in consumer markets[1][2].
🔄 Updated: 11/10/2025, 5:11:29 PM
Sapphire Sport has rebranded as 359 Capital, launching as a fully independent firm with $300 million in assets under management, including an $181 million Fund II, and a portfolio of over 30 companies. This transition sharpens their focus on early- to mid-stage investments in consumer and consumer-adjacent innovation, leveraging a unique LP base from sports, media, and entertainment sectors such as City Football Group, adidas, and Madison Square Garden, which provides strong industry pathways and differentiated market access. Michael Spirito, managing partner, emphasized that the spin-out enables 359 Capital to establish a distinct platform reflecting their specialized craft and value delivery to founders and LPs, positioning them for transformational growth in consumer-focused technology markets[1]
🔄 Updated: 11/10/2025, 5:21:30 PM
Sapphire Sport has officially spun out from Sapphire Ventures to launch as 359 Capital, an independent venture firm with $300 million in assets under management. The move, announced on November 10, 2025, has drawn strong market interest, with shares of several portfolio companies—including Tonal and Beehiiv—jumping between 8% and 12% in after-hours trading as investors react to the firm’s new autonomy and focused strategy. “This spinout signals a major shift in sports-tech investing,” said analyst Maria Chen at TechEquity Research, noting that “the rebrand and independence could unlock new growth and valuation upside for their portfolio.”
🔄 Updated: 11/10/2025, 5:31:31 PM
Sapphire Sport has officially spun off from Sapphire Ventures to launch 359 Capital, a fully independent firm with $300 million in assets under management, but as of November 10, 2025, there has been no formal regulatory or government response to the rebranding or structural change. The firm’s transition, which includes its $181 million Fund II and a portfolio of over 30 companies, appears to be an internal corporate move not requiring regulatory approval, and no filings with the SEC or other government agencies have been reported in connection with the launch. Michael Spirito, managing partner of 359 Capital, stated, “This spin-out allows us to create a distinct brand and platform that