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Sapphire Sport Rebrands to 359 Capital: A New Chapter in Consumer Investment

On November 10, 2025, Sapphire Sport took a significant step in its evolution by announcing its rebranding to 359 Capital. This transformation is not merely cosmetic but signifies a renewed commitment to focusing intently on consumer and consumer-adjacent innovations, tapping into deep connections within sports, media, and entertainment.

The firm will bring its entire team along with its impressive portfolio, which includes over 30 companies, $181 million in Fund II, and $300 million in overall assets under management. This strategic move is designed to capitalize on the unique ecosystem of iconic limited partners (LPs) that the firm has cultivated over the years. Among those partners are esteemed organizations such as City Football Group and adidas, all of whom recognize the opportunities in early to mid-stage investments within the consumer market.

Michael Spirito, the managing partner and co-founder of 359 Capital, emphasized the strategic importance of this rebranding. He stated, "Becoming 359 Capital represents both a culmination of what we've built and a catalyst for where we're going." He articulates that this spin-out paves the way for a distinct brand identity that mirrors the specialized expertise the firm offers both to its founders and limited partners.

Previously, Sapphire Sport was incubated within Sapphire Ventures, a global venture capital firm that manages over $11 billion in assets and boasts a remarkable record of over 30 public listings and 50 acquisitions. Though Sapphire Ventures continues its focus on series B through pre-IPO B2B software and AI companies, 359 Capital has established its own narrative, concentrating solely on early to mid-stage consumer and consumer-adjacent investments.

The decision to operate independently is a strategic maneuver that not only refines their brand identity but allows them to focus on investment strategies that resonate with their LP base. CEO of Sapphire Ventures, Nino Marakovic, acknowledged the importance of focus, stating, "We at Sapphire Ventures feel that 359 Capital's strategy is highly specialized, with an investor base to reflect that."

359 Capital has an established track record of backing groundbreaking companies that operate within next-gen media, digital commerce, gaming, application-layer AI, and wellness sectors. Notable names in its portfolio include beehiiv, Backbone, Betty, and Tonal. These businesses are redefining how consumers engage with and transact through digital platforms.

The LP base of 359 Capital offers a competitive edge unparalleled in the venture investment world. With connections spanning multiple professional sports leagues, entertainment conglomerates, and ownership groups, the firm provides its portfolio companies with vital access to distribution channels, consumer insights, and collaboration opportunities that transcend traditional capital. This network effect enhances the value that portfolio companies can achieve as they collaborate, share learnings, and leverage synergies within the 359 Capital community.

In a marketplace increasingly crowded with competitors, differentiation through focused strategy is crucial. Spirito remarked, "Our LPs aren't passive investors; they're active players in our ecosystem and on our platform." This hands-on approach allows for testing products within significant fan bases, exploring partnership opportunities, and providing real-time feedback regarding consumer trends.

The choice of the name 359 Capital itself is symbolic. It draws upon the concept of the four-minute mile—once deemed impossible, this milestone was reached thanks to perseverance and support from a community. In line with this philosophy, 359 Capital aspires to assist founders in achieving ambitious goals while upholding high standards of excellence in collaboration with its LPs.

Alongside Spirito, the founding team at 359 Capital includes Doug Higgins and David Hartwig, both of whom are seasoned professionals from Sapphire Ventures. The firm has also promoted Rico Mallozzi to partner and includes a comprehensive team that aims to propel the company forward.

About 359 Capital
359 Capital is a pioneering venture capital firm that amalgamates capital and industry know-how from premier global sports, media, and entertainment brands. With roughly $300M in assets under management, the firm targets Seed to Series C investments in consumer and consumer-adjacent companies, offering unique access to challenging markets, thanks to its distinctive LP base, which includes prominent investors from major U.S. sports leagues.

As 359 Capital embarks on this exciting new journey, the future holds promising possibilities for both the firm and the innovative companies it supports.