359 Capital is an independent venture capital firm focused on sports, media and entertainment technologies. Originally launched in 2019 as Sapphire Sport under Sapphire Ventures, the firm spun out in 2025 to become a standalone fund with a dedicated brand and mission. Its name pays tribute to the sub-four-minute mile, symbolising founders who achieve what was once thought impossible. With 300 million dollars in assets under management and a portfolio of 30 companies, 359 Capital partners with ambitious founders building at the intersection of sports, culture, media, fitness technology and emerging digital platforms.
The firm invests in early-stage companies operating across sports technology, consumer media, entertainment platforms, creator tools, gaming, fitness technology and the broader digital consumer ecosystem.
359 Capital prioritizes startups that define new cultural behaviors, shape the future of fan engagement, or introduce breakthrough experiences at the edge of entertainment and technology.
359 Capital is currently investing out of its second fund of 181 million dollars, which it began deploying as Sapphire Sport prior to the spin-out. The full portfolio and investing team have transitioned into the independent firm. The fund invests primarily in Series A and Series B companies, writing initial checks between 2 million and 10 million dollars and maintaining a concentrated strategy.
Its limited partners include some of the most influential organizations in global sports and entertainment: City Football Group, adidas, AEG, Madison Square Garden, Sinclair and dozens of team owners with deep domain reach. The spin-out was anticipated since the inception of the strategy, as the firm always maintained its own LP base separate from Sapphire Ventures. The second fund will continue deploying capital through the first half of 2027.
Leadership
359 Capital is led by co-founder and managing partner Michael Spirito, who has overseen the evolution of the fund from its inception. He is joined by Sapphire Ventures co-founders David Hartwig and Doug Higgins, as well as newly promoted partner Rico Mallozzi. Together, the team brings extensive experience across sports business operations, consumer entertainment, venture investing and company building.
Investment Strategy
The firm follows a focused early-stage strategy, investing in founders whose products reshape the future of sports, media and entertainment. 359 Capital emphasizes access to strategic LPs as a core differentiator, enabling portfolio companies to collaborate with global teams, leagues, broadcasters and brands. Its goal is to help founders achieve breakthrough traction by connecting them with real-world distribution channels and delivering insight into market behaviour across sports and entertainment ecosystems. The firm maintains a disciplined fund size and concentrates on high-potential early-stage teams that it supports through to later rounds.
Notable Investments
359 Capital has backed companies including:
Their portfolio spans creator economy platforms, sports media, AI-enabled search, gaming and connected fitness products, reflecting the firm’s commitment to next-generation consumer and media technologies.
Notable Exits
As 359 Capital is in the early stages of its lifecycle as an independent firm, it has not yet disclosed notable exits. Several companies in its original Sapphire Sport portfolio have achieved substantial scale, and future exits are expected as the current fund matures.
Other
359 Capital provides unusual access to global sports and entertainment networks through its LP base, offering a strategic advantage for companies seeking distribution into fans, creators or media partners.
The firm’s spin-out has strengthened its independence and flexibility, allowing it to move quickly and maintain focus on Series A and B founders.
For companies operating across sports tech, consumer entertainment, connected fitness or creator ecosystems, 359 Capital offers a rare combination of early-stage conviction and real-world commercial reach.
United States
