Sapphire Ventures Secures $115 Million USD in Funding Round


(Palo Alto, CA) Venture capital funding for sports has been elevated, to the global stage.  The previous is due in part, to the fact that, the global sports market has reached a value that is estimated at $1 trillion USD.  In order to accommodate this rapid advance the sports sector of the economy needs investing experience, an extensive global network and working capital.  Citing its 20 year experience as a technology venture capital firm, Sapphire Ventures, has officially launched Sapphire Sport.  For the latter, Sapphire Ventures recently made public that, it has secured $115 million USD through a funding round.  Sapphire Sport with the $115 million dollars, will function as a first of its kind platform.  The platform is working venture capital for early stage startup businesses in the sports, media and entertainment sectors of the economy.
Michael Spirito

In order to be at the intersection of the sports, media and entertainment sectors of the economy; Sapphire Sport has also been revealed to be a collaborative project.  The collaboration is with a globally diverse group of leading sport, media and entertainment businesses or brands.  The aforementioned, also includes the owners of major sports teams, from all of the major sports leagues in the U.S.A.  The other investors, to be specific, of Sapphire Sport include the following:  Adidas; Anschutz Entertainment Group; Bank of Montreal; City Football Group; the Ownership of the Indiana Pacers; Intersect Ventures; the Owner of the Boston Bruins; Delaware North; Major League Baseball; the New York Jets; the Owners of the San Francisco 49ers; the San Jose Sharks; SAP; Sinclair Broadcast Group; the Owner of the Tampa Bay Lighting and Wise Ventures.  Furthermore, during this revelation Sapphire Sport made public a second revelation.  The second revelation is that, it has launched with five startup businesses, in its portfolio.  These startup businesses are Tonal, Mycujoo, Overtime, Fevo and Phoenix Labs.  Tonal, is a startup business that offers a home fitness system that is digitally connected.  Mycujoo, is a startup business that is a live soccer (football) streaming platform.  Overtime, is a startup business that is a next-generation digital sports network.  Fevo, is a startup business that offers social commerce solutions.  Lastly Phoenix Labs, is a startup business that is an independent gaming studio.  Additionally, it was launched by the creators of Dauntless.  Tonal did release a press statement.  Aly Orady is a Founder and the Chief Executive Officer of Tonal.  Through a press statement, Mr. Orady said the following.  “Picking the right investor is one of the most important decisions you can make as an entrepreneur.  For Tonal, picking Sapphire Sport was a no-brainer.  Doug and the Sapphire Sport team are patient and experienced technology VCs with an industry-focused Rolodex to match.”  Aly Orady also said.  “They bring more than just capital to the table; they provide the expertise and connectivity I need to help us navigate our growth in the booming but crowded fitness market.”
Doug Higgins
To end, Sapphire Sport did release a press statement.  Doug Higgins is a Managing Director and a Co-Founder of Sapphire Ventures.  Through a press statement, Mr. Higgins said the following.  “Venture capitalists need to continue to reinvent and innovate in order to stay relevant.  We created Sapphire Sport to serve as a preeminent investment vehicle in a nascent and dynamic sector where technology investment experience is in increasingly high demand.  In partnership with some of the most innovative team owners and sporting brands in the world, we are bringing Sapphire Ventures’ investment experience to the global sport marketplace.”  Michael Spirito is a Managing Director at Sapphire Ventures.  Through a press statement, Mr. Spirito said the following.  “The opportunity we are addressing is vast and diverse.  Sport is the one thing we can all agree on...even as we may disagree on our fan loyalties.  I joined Sapphire Ventures because I believed that they had the best platform to build an investment firm of consequence, in this industry.  From a market perspective, sport includes all global sports media rights, distribution technologies, content creation, sponsorship, digital fitness, esports, betting, data and everything in between.”  As previously stated; citing its 20 year experience as a technology venture capital firm, Sapphire Ventures, has officially launched Sapphire Sport.  For the latter, Sapphire Ventures recently made public that, it has secured $115 million USD through a funding round.  Sapphire Sport with the $115 million dollars, will function as an investment platform.  The platform is made up of working venture capital for early stage startup businesses in the sports, media and entertainment sectors of the economy. 

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Written from Press Release
Registered Writer at
PR Newswire Association LLC
01/30/2019

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