Sapphire Sport became the independent venture firm 359 Capital on November 10, 2025. The firm said its investment team, $181 million Fund II and portfolio of more than 30 companies moved with it; its launch announcement also reported $300 million in assets under management. Those are figures from the announcement, not independently confirmed current totals.
What changed when Sapphire Sport became 359 Capital?
Sapphire Sport had been incubated within Sapphire Ventures. In November 2025, the team announced it had spun out as 359 Capital, a distinct, independent venture firm. The transition included the investment team, Fund II and portfolio, according to the firm’s launch announcement. Sapphire Ventures’ team page also describes Sapphire Sport as spun out as 359 Capital.
That separation does not mean Sapphire Ventures changed its own investment strategy: it continues as a separate software-focused firm, while 359 Capital describes its strategy as consumer-focused.
What does 359 Capital invest in?
359 Capital says it backs consumer and consumer-adjacent companies from Seed through Series C. It aims to help companies reach sports, media and entertainment markets through relationships across those industries. The firm’s launch announcement named next-generation media, digital commerce, gaming, application-layer AI and wellness as areas of interest.
#1 Best Overall
Its announced portfolio at launch included beehiiv, Backbone, Betty, Bounce, Fevo, Overtime, Perplexity and Tonal. These are launch examples, not a verified current portfolio list.
The network is part of the firm’s stated value proposition, not a guarantee of distribution, partnerships or commercial results for an investment. The announcement describes the opportunity; it does not report measured outcomes from network access.
What do the $300 million and $181 million figures mean?
In its November 10, 2025 announcement, 359 Capital reported $300 million in assets under management and said its $181 million Fund II moved to the new firm. These are dated company-reported figures; reviewed sources do not independently establish whether AUM or fund deployment has changed since then.
TechCrunch reported on November 10, 2025 that the fund was about halfway through investing, with investment expected to continue through the first half of 2027. That was a plan reported at launch, not confirmation of the fund’s current deployment status.
The Tool Desk
Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Why is the firm called 359 Capital?
The firm says “359” refers to the sub-four-minute mile, once considered impossible. It uses the achievement as a metaphor for founder ambition and for the perseverance and support that can help founders reach difficult goals.
Michael Spirito, managing partner and co-founder, said: “Becoming 359 Capital represents both a culmination of what we’ve built and a catalyst for where we’re going.” Sapphire Ventures CEO, Partner and Founder Nino Marakovic said the team “deserves all the credit” for what it built and that “their future is bright.” Both remarks appeared in the November 10, 2025 launch announcement.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the spinout means for founders and investors
For founders, the practical change is the identity and independence of the firm backing them: Sapphire Sport’s investment team moved to 359 Capital along with the announced fund and portfolio. Its stated focus suggests it is most relevant to companies selling to consumers or operating near consumer markets, particularly those seeking connections in sports, media or entertainment.
For readers evaluating the firm, distinguish its reported launch scale from independently verified current figures, and treat its industry relationships as a potential resource rather than a promised business outcome. The available announcements establish the spinout and the firm’s stated strategy; they do not establish updated AUM, deployment or present portfolio status.
Quick Recap
Best Value
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
