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359 Capital, formerly known as Sapphire Sport, was founded in 2018 and is headquartered in New York City. The firm operates independently, focusing on early-stage investments at the intersection of consumer technology and the sports, media, and entertainment sectors. With a unique network of limited partners from these industries, 359 Capital aims to support companies that can benefit from strategic insights and partnerships.
As of 2025, 359 Capital manages approximately $300 million in assets under management (AUM) and has a portfolio of around 30 companies. The firm has evolved from its origins as Sapphire Sport, rebranding in November 2025 to reflect its broader investment strategy. This transition included the launch of Fund II, which raised $181 million, further solidifying its position in the venture capital landscape.
359 Capital's notable milestones include its focus on innovative consumer technologies and its commitment to backing companies that can leverage connectivity into sports, media, and entertainment. The firm’s limited partner base includes prominent brands and organizations from these sectors, providing portfolio companies with valuable resources and insights.
359 Capital invests in companies at the Seed to Series C stages, with check sizes ranging from $1 million to $10 million. The firm’s primary areas of focus include Next Gen Media, Digital Commerce, Gaming, Social, AI Applications, Prosumer Tools, and Wellness. This diverse sector focus allows 359 Capital to engage with a wide array of innovative companies that are reshaping consumer engagement.
The firm seeks to back companies that demonstrate potential for growth and can thrive in the evolving landscape of consumer technology. 359 Capital emphasizes the importance of connectivity in its investment thesis, particularly in how companies can integrate into the sports, media, and entertainment sectors. This strategic focus enables the firm to identify and support startups that align with current trends and consumer demands.
Geographically, 359 Capital targets both North American and global markets, leveraging its extensive network of industry connections to provide portfolio companies with access to strategic insights and distribution channels. The firm’s investment strategy is designed to not only provide capital but also to facilitate partnerships that enhance the growth potential of its portfolio companies.
359 Capital's portfolio includes a diverse range of companies that reflect its investment focus on consumer technology and adjacent sectors. Notable portfolio companies include:
This portfolio showcases 359 Capital's commitment to investing in companies that are at the forefront of consumer engagement and technology innovation.
Michael Spirito: Managing Partner and Co-Founder. Michael co-founded the strategy in 2018 and oversees investing, operations, and limited partner activities. He previously led digital media and business development across the 22 Fox regional sports networks and played a key role in building and selling the YES Network to Fox.
Rico Mallozzi: Partner. Rico focuses on AI applications, fintech, digital health, and consumer social. His notable investments include Backbone, Amo, Perplexity, Bounce, and Lucky Energy.
David Hartwig: Partner. David joined in 2023 and co-founded Sapphire Ventures. He has experience at Battery Ventures, with expertise in consumer devices, financial services, gaming, health/wellness, software, and analytics.
Doug Higgins: Co-Founder and Board Partner. Doug co-founded Sapphire Ventures and 359 Capital. His prior investments include LinkedIn, DocuSign, Paytm, and Square, and he previously launched business development for Lucasfilm.
Mackenzie Chapman: Senior Associate. Mackenzie supports the investment team with due diligence and portfolio management.
Andrew Yanover: Senior Associate. Andrew assists in sourcing new deals and managing existing portfolio companies.
Alyce Fusco: Executive Assistant. Alyce provides administrative support to the team and helps coordinate operations.
To pitch 359 Capital, founders should send an email to info@359capital.com with a comprehensive pitch deck. The deck should include key information such as the business model, market analysis, competitive landscape, and financial projections. It is important to highlight how the startup aligns with 359 Capital's focus on consumer technology and its connection to sports, media, and entertainment.
Founders should expect a response within a few weeks, although timelines may vary based on the volume of inquiries. A warm introduction through mutual connections in the industry can enhance the chances of receiving a timely response.
In November 2025, Sapphire Sport rebranded to 359 Capital, marking a significant transition for the firm. This rebranding included the launch of Fund II, which successfully raised $181 million, contributing to the firm's total assets under management of approximately $300 million.
As of 2026, 359 Capital continues to actively invest in early-stage companies, focusing on sectors such as consumer technology, sports, media, and entertainment. The firm has maintained a portfolio of around 30 companies, reflecting its commitment to supporting innovative startups in these industries.
What are 359 Capital's investment criteria?
359 Capital focuses on early-stage investments in consumer and consumer-adjacent companies, particularly those that can leverage connectivity into sports, media, and entertainment. They invest in Seed to Series C stage companies with check sizes ranging from $1 million to $10 million.
How can I pitch to 359 Capital?
Founders can reach out to 359 Capital via email at info@359capital.com. It is advisable to include a detailed pitch deck that outlines the business model, market opportunity, and how the company aligns with 359 Capital's investment focus.
What makes 359 Capital different from other investors?
359 Capital distinguishes itself through its unique network of limited partners from the sports, media, and entertainment sectors. This network provides portfolio companies with access to strategic insights, distribution channels, and go-to-market support, enhancing their growth potential.
What is the geographic scope of 359 Capital's investments?
The firm invests globally, with a particular emphasis on North America. This geographic focus allows them to tap into diverse markets and consumer trends.
What is the typical post-investment involvement of 359 Capital?
359 Capital actively engages with its portfolio companies, providing not only capital but also strategic guidance and access to its extensive network. This involvement can include mentorship, operational support, and assistance with scaling the business.
What is the size of 359 Capital's funds?
359 Capital manages approximately $300 million in assets, with its latest fund, Fund II, raising $181 million. This capital enables the firm to support a variety of early-stage investments across its focus sectors.
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