Sapphire Sport, a venture fund focused on sports, media, and entertainment, is spinning out from Sapphire Ventures and rebranding as 359 Capital. The firm will continue to focus primarily on Series A and Series B startups, writing checks between $2 million to $10 million. 359 Capital's portfolio includes companies like Beehiiv, Betty Labs, Overtime, Perplexity, and Tonal. The transition includes key personnel such as Michael Spirito, David Hartwig, Doug Higgins, and Rico Mallozzi.