Sapphire Sport spins out, rebrands as 359 Capital with $300M AUM
Nearly seven years after announcing its first fund, Sapphire Sport—the venture fund focused on sports, media, and entertainment—is spinning out from Sapphire Ventures. The fund will rebrand as an independent venture firm, 359 Capital. The firm’s new name is a tribute to the sub-four-minute mile, a feat once deemed humanly impossible but ultimately achieved through rigorous dedication and perseverance. Spirito said that the name reflects the firm’s core principle of helping its portfolio founders achieve the impossible. The separation from Sapphire Ventures, an investment firm with about $11 billion in assets under management, was always on “the vision board,” said Michael Spirito, managing partner and co-founder of 359 Capital. “We’re all grown up and ready to…
