CFG and MSG Sports invest in Sapphire Sports’ US$181m venture fund

Sapphire Sport, an early stage investment platform for sports, technology, media and entertainment companies, has raised a second US$181 venture capital (VC) fund involving City Football Group (CFG), Madison Square Garden (MSG) Sports and Sinclair.


  • New funding brings total assets under management (AUM) valuation to US$300 million
  • Adidas, Bank of Montreal, as well as Indiana Pacers and Tampa Bay Lightning owners returned as investors
  • Fund includes new investment from David Blitzer and Acrtos Sports Partners


Silicon Valley-based Sapphire Ventures launched Sapphire Sport as a US$115 million fund in 2019, naming CFG as the venture capital fund’s lead investor. This is the firm’s second fund.


“When we launched Sapphire Sport in 2019, we believed that the sport, media and entertainment industries would be better served by an institutional investment approach to the sector, one that brought the experience and partnership of preeminent sport and entertainment stakeholders to venture capital,” said Michael Spirito and Doug Higgins, co-founders of Sapphire Sport.

“We believe we have built Sapphire Sport into a leading partner for early-stage companies at the intersection of technology and these large markets.”

Coming next:

After backing 15 companies with its first fund, Sapphire Sport will use the new capital to invest in around 20 companies across the sectors of sports, technology, media and entertainment. Specifically the fund will target early stage tech companies, looking to capitalise on the next generation of consumer behaviour. This could mean investments in fan engagement-focused sports and sports-adjacent companies.