Now independent, the sports and media-focused venture firm aims to help founders achieve the “impossible” with its rebrand inspired by the sub-four-minute mile.
From Sapphire Sport to 359 Capital
After nearly seven years operating under Sapphire Ventures, sports-focused VC fund Sapphire Sport is now officially spinning out and rebranding as 359 Capital, with $300 million in assets under management.
- The name “359 Capital” is a reference to the 3:59 mile, once thought impossible — echoing the firm’s belief in backing founders who push boundaries.
- “We’re all grown up and ready to leave home,” said co-founder and managing partner Michael Spirito, reflecting on the long-planned departure.
This marks a significant milestone for the fund, originally launched in 2019 to focus on investments at the intersection of sports, media, and technology.
Independence with Industry-Deep LP Support
Though part of Sapphire Ventures — which manages $11 billion in AUM — Sapphire Sport has always maintained a distinct pool of limited partners (LPs).
These LPs come from the global sports ecosystem, including:
- City Football Group
- adidas
- AEG
- Madison Square Garden
- Sinclair
- Multiple team owners and sports execs
Even post-spinout, these LPs remain deeply involved, using their connection with 359 Capital to gain insights into tech trends transforming media and sports.
What 359 Capital Invests In
The newly independent firm brings with it an impressive and expanding portfolio of 30 companies, focused on Series A and B startups across sports tech, media, creator platforms, and AI.
Key investments include:
- Beehiiv – a newsletter platform for creators
- Betty Labs – an online casino startup
- Overtime – a sports media brand for Gen Z
- Perplexity – a fast-growing AI-powered search engine
- Tonal – an intelligent at-home fitness system
359 Capital typically writes $2M–$10M checks and plans to continue investing from its $181M second fund through the first half of 2027.
The Team Behind 359 Capital
Along with Spirito, the full investment team from Sapphire Sport is making the transition:
- David Hartwig and Doug Higgins – co-founders of Sapphire Ventures
- Rico Mallozzi – recently promoted to partner
The continuity ensures that 359 Capital retains the expertise, relationships, and portfolio built over the past seven years.
Competitive Field in Sports VC
359 Capital joins a growing and competitive landscape of venture firms focused on the business of sports and media.
Notable peers include:
- Courtside Ventures, backed by Michael Jordan and Shaquille O’Neal, which is currently raising a $100 million fourth fund.
- Other firms operating in adjacent areas include Elysian Park Ventures and HBSE Ventures, backed by pro sports team owners and media executives.
Despite the competition, 359 Capital believes its deep LP network and focused thesis provide a unique advantage in spotting and supporting the next wave of disruptors in sports and entertainment.
