Sporting venture Sapphire Sport successfully secures an $181 million fund, with financial backing from Madison Square Garden, Blitzer, and Arctos.
In a significant move, Sapphire Sport, the sports and entertainment-focused arm of the Sapphire investment platform, has closed a $181 million second fund. This fund aims to make early-stage investments in the seed to Series B range, with a focus on next-generation media, gaming, digital commerce, software, and health/human performance sectors.
The fund's investors are a unique blend of professional sports franchise owners and Sapphire's venture capital entities, such as Sapphire Ventures and Sapphire Partners. Notable sports franchise owners who have invested include Marc Lore (MLS Inter Miami CF), Ivan Evans (Washington Commanders), Will Meisel (Denver Nuggets, Colorado Avalanche), Tim Doyle (Portland Trail Blazers), and Gene Sykes (Utah Jazz).
Sapphire Sport has already made its first investment out of this second fund, part of a $35 million round into online lottery platform Jackpot. Other notable investments from the first fund include gaming platform GreenPark Sports, e-commerce tech developer Fevo, and virtual sneaker company Aglet.
The new fund also includes return investors such as City Football Group (Manchester City, NYCFC), Sinclair Broadcast Group, Adidas, WISE Ventures (the investment fund of the owners of Minnesota Vikings), AEG, Indiana Pacers ownership, Madison Square Garden Sports, Jeff Vinik (Tampa Bay Lightning), Stephen Pagliuca (Boston Celtics), David Blitzer, Stephen Kaplan, Bank of Montreal, Intersect Capital, Skyland Partners, Arctos Sports Partners, Pentland Group, Gametime Capital, CAZ Investments, and more.
Sapphire Sport's mission is to create a thriving ecosystem that unites the worlds of sport and entertainment. By investing in tech companies that are sports adjacent, Sapphire Sport aims to continue supporting innovative businesses that are shaping the future of sports and entertainment.
It's worth noting that Sapphire Sport does not invest in sports franchises themselves. Instead, they focus on the technology companies that are driving innovation and growth in the sports and entertainment industries.
The NBA's European expansion is starting to take shape, and Sapphire Sport's investments could play a significant role in this development. For instance, City Football Group, which owns Manchester City and New York City FC, believes that the partnership with Sapphire Sport allows them to explore forward-thinking brands and cutting-edge technologies.
Sapphire Sport has exited two companies from its first fund and holds some capital in reserve for possible tack-on investments. The first fund, a $117 million raise, led to positions in over a dozen companies, including Overtime, Tonal, and Buzzer.
As Sapphire Sport continues to grow and invest, it's clear that they are committed to driving innovation and growth in the sports and entertainment industries. With a strong focus on early-stage tech businesses, Sapphire Sport is well-positioned to support the next generation of sports and entertainment companies.
People from various professional sports franchises, such as Marc Lore (MLS Inter Miami CF), Ivan Evans (Washington Commanders), Will Meisel (Denver Nuggets, Colorado Avalanche), Tim Doyle (Portland Trail Blazers), and Gene Sykes (Utah Jazz), have invested in the technology sector through Sapphire Sport, a venture that focuses on digital commerce, sports, and entertainment. Sapphire Sport's investments in innovative tech companies, like Jackpot, GreenPark Sports, Fevo, and Aglet, are shaping the future of sports commerce and entertainment.
