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Sapphire Ventures is a global software venture capital firm with over $11 billion in assets under management (AUM). The firm was originally established in 1996 as SAP's venture arm and became an independent entity in 2011. It rebranded to Sapphire Ventures in 2014. Headquartered in Austin, Texas, Sapphire also has offices in London, New York, Menlo Park, and San Francisco, allowing it to maintain a strong presence in key markets.
Over its 24-year history, Sapphire Ventures has developed a diverse portfolio of 226 companies, achieving 19 IPOs and 121 total exits. The firm operates three distinct investment strategies: Sapphire Ventures, which focuses on direct growth-stage investments; Sapphire Partners, a fund-of-funds initiative that backs early-stage venture capital firms; and Sapphire Sport, which invests in technology related to sports, media, and entertainment.
Sapphire Ventures primarily invests in high-growth, expansion-stage enterprise technology companies. The firm targets sectors such as B2B SaaS, cybersecurity, data & analytics, DevOps, fintech, healthtech, and vertical SaaS. Their investment strategy emphasizes a commitment of over $1 billion to AI-powered enterprise technology startups, covering the entire AI stack from foundational models to AI-native applications.
Investment stages range from Series B through to IPO, with check sizes typically between $2 million and $30 million, and an average sweet spot around $15 million. Sapphire Ventures operates globally, with a strong focus on North America and Europe, and has been actively expanding its presence in these regions.
Sapphire Ventures has built a substantial portfolio over its operational history, which includes notable companies such as:
Recent highlights from their portfolio include the NASDAQ IPO of Netskope in September 2025, and significant valuations for Constructor at $550 million and Onebrief at $200 million in Series D funding.
Nino Marakovic - CEO + Partner. Nino has extensive experience in venture capital and enterprise technology, having led numerous successful investments.
Jai Das - President + Partner. Jai specializes in growth-stage investments and has a strong track record in scaling technology companies.
Rajeev Dham - Partner. Rajeev brings expertise in enterprise software and has been instrumental in several high-profile deals.
Steve Abbott - Partner. Steve focuses on operational support and strategic growth for portfolio companies.
Cathy Gao - Partner. Cathy has a background in venture capital and technology, contributing to Sapphire's investment strategies.
David Hartwig - Partner. David specializes in market access and scaling strategies for startups.
Paul Levine - Partner. Paul has a strong background in enterprise technology and venture capital.
Beezer Clarkson - Partner (Sapphire Partners). Beezer focuses on fund-of-funds investments and building relationships with early-stage VCs.
Laura Thompson - Partner (Sapphire Partners). Laura specializes in early-stage venture capital and strategic insights.
To pitch Sapphire Ventures, founders should use the contact form available at sapphireventures.com/contact/ or email fundsubmissions@sapphireventures.com. The pitch deck should include detailed information about the business model, market opportunity, and team. Response times can vary, but founders are encouraged to provide a comprehensive overview to facilitate timely feedback.
Sapphire Ventures has established several initiatives to support its portfolio companies. The Portfolio Growth team provides operational support, talent acquisition, and market access to help startups scale effectively. Additionally, Sapphire Partners is a limited partner initiative that invests in early-stage venture fund managers, focusing on building relationships and providing strategic insights.
In 2025, Sapphire Ventures made 16 new investments, continuing its trend of active participation in the venture capital space. Notable recent activities include leading a $25 million Series B investment in Constructor, which achieved a valuation of $550 million, and co-leading a $200 million Series D round for Onebrief.
The firm also celebrated the NASDAQ IPO of Netskope in September 2025, marking a significant milestone in its investment history.
Q?
Sapphire Ventures, what are your investment criteria?
A: Sapphire Ventures focuses on high-growth, expansion-stage enterprise technology companies, particularly in sectors like AI, fintech, and cybersecurity. They typically invest in Series B through IPO stages with check sizes ranging from $2 million to $30 million.
Q?
How can startups apply or pitch to Sapphire Ventures?
A: Startups can pitch to Sapphire Ventures through their website at sapphireventures.com/contact/ or via email at fundsubmissions@sapphireventures.com. They recommend including detailed information about the business model, market opportunity, and team in the pitch deck.
Q?
What makes Sapphire Ventures different from other VC firms?
A: Sapphire Ventures differentiates itself through its extensive experience in enterprise software, a dedicated Portfolio Growth team, and three distinct investment strategies that allow for cross-pollination of resources and insights across their portfolio.
Q?
What is the geographic scope of Sapphire Ventures?
A: Sapphire Ventures primarily invests in North America and Europe, with a growing presence in other global markets.
Q?
What kind of post-investment involvement can portfolio companies expect?
A: Sapphire Ventures provides operational support, talent acquisition assistance, and market access through its Portfolio Growth team, which is composed of experienced operators.
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