News Summary

Sapphire Sport, a venture fund focused on sports, media, and entertainment, has announced its spin-out from Sapphire Ventures to become an independent firm, rebranding as 359 Capital. The rebranding reflects the firm’s dedication to helping portfolio founders achieve remarkable feats, inspired by the sub-four-minute mile. With $300 million under management, 359 Capital will continue to focus on Series A and Series B startups, investing between $2 million to $10 million. The firm, which maintains ties with sports industry leaders like City Football Group and Madison Square Garden, has invested in startups such as Beehiiv and Overtime. As it continues to invest from its second fund through 2027, 359 Capital faces competition from ventures like Courtside Ventures, backed by sports legends Michael Jordan and Shaquille O’Neal.