Palo Alto-based VC firm Sapphire Ventures has amassed a $115M fund called Sapphire Sport that is "devoted to investing in technology startups," and the fund will combine "resources from many of the sports industry’s most powerful team owners and brands as well as every major North American sport," according to Eric Fisher of SPORTS BUSINESS JOURNAL. The initial members of the portfolio are "Fevo, a social commerce solutions firm; Mycujoo, a live soccer streaming platform; Overtime, a digital sports media network; Phoenix Labs, a gaming studio; and Tonal, a connected home fitness system." Sapphire "spent almost a year in development." It will be "competing in a crowded space" of VC firms but will "veer sharply away from many other sports investment vehicles that are tied to a specific player, team, league or union." Sapphire Sport’s "powerful roster of limited partners" includes Adidas, AEG, City Football Group, MLB and WISE, the family investment fund run by Vikings Owners Zygi and Mark Wilf. City Football Group, which owns EPL club Manchester City and a majority stake in NYCFC, is the "anchor investor and will also serve as the head of the fund’s advisory group" (SPORTS BUSINESS JOURNAL, 1/28 issue). Sapphire CEO & Managing Dir Nino Marakovic said that the fund "will be used to invest in 15 to 20 early-stage technology companies" each year. It will be managed by Sapphire Managing Dirs Doug Higgins and Michael Spirito (WALL STREET JOURNAL, 1/29).
