"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."
"Sapphire Sport, which is currently halfway through investing its second fund of $181 million, has always maintained a separate group of limited partners from Sapphire Ventures. Its LPs are all deeply tied to the sports industry, including major names like City Football Group, adidas, AEG, Madison Square Garden, Sinclair, and dozens of team owners. "When we started in 2019, the name Sapphire Sport wasn't just alliterative and sounded cool," Spirito said. "Sport captured the LP group.""
Sapphire Sport is spinning out from Sapphire Ventures and rebranding as independent venture firm 359 Capital. The new name honors the sub-four-minute mile and reflects a principle of helping founders achieve ambitious goals. The separation follows a structure in which Sapphire Sport already maintained a separate limited-partner group from Sapphire Ventures; Sapphire Ventures manages about $11 billion in assets. Sapphire Sport is halfway through investing its second fund of $181 million. Limited partners are deeply tied to the sports industry, including City Football Group, adidas, AEG, Madison Square Garden, Sinclair, and numerous team owners. The firm's portfolio of 30 companies and all investment staff will move to 359 Capital, including Michael Spirito, David Hartwig, Doug Higgins, and newly promoted partner Rico Malloz.
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