Sapphire Ventures
| Company type | Private |
|---|---|
| Industry | Venture capital |
| Founded | 1996 |
| Founder | SAP (as venture capital division) |
| Fate | Gained independence in 2011; renamed Sapphire Ventures in 2014 |
| Headquarters | Menlo Park, California , United States |
Area served | Global |
Key people | Annalise Dragic (partner) |
| Products | Venture capital funds, investments in technology enterprises |
| Owner | Independent |
| Parent | None |
| Website | sapphireventures |
Sapphire Ventures (branded as SAPPHIRE) is a venture capital firm based in Menlo Park, California, with additional locations in San Francisco, Austin, Texas, and London. Managing assets exceeding $10 billion, it is widely regarded as a prominent player in the global venture capital landscape.
The firm primarily invests in technology enterprises, focusing on funding rounds from Series B through to IPO, while also engaging in early-stage investments within the sports, media, and entertainment industries.
Its portfolio features prominent companies such as 23andMe, Alteryx, Auth0, Block (previously Square), Box, Current, Degreed, DocuSign, Fitbit, IAS, JumpCloud, Kaltura, LinkedIn, Livongo, Looker, MuleSoft, Monday.com, Paytm, Ping Identity, Sumo Logic, and Wise (TransferWise). These investments highlight Sapphire’s commitment to high-growth technology sectors and its influence across global markets.
History
Established in 1996 as the venture capital division of the global software giant SAP, the firm gained independence in 2011 and adopted the name Sapphire Ventures in 2014. At that point, it managed $1.4 billion in assets and had backed over 125 companies, with 10 having completed public offerings and 17 acquired by other firms.
In 2012, Sapphire launched Sapphire Partners, a dynamic fund targeting early-stage venture capital funds throughout North America, Europe, and Israel. This initiative also includes direct co-investments alongside its general partners.
By 2015, Sapphire collaborated with industry leaders Cisco Systems and Siemens to organize the first-ever industry summit focused on the Internet of Things, titled "IoT: Empowering The Enterprise". Prior to this event, the firm had invested in IoT innovator Control4, which went public in 2013.
In 2019, the firm introduced Sapphire Sport, a $115 million fund dedicated to ventures at the crossroads of sports, media, and entertainment. Notable supporters comprised Manchester City's parent company City Football Group along with investors from major U.S. sports leagues including the NFL, MLB, NBA, NHL, and MLS. That same year, Sapphire revived #OpenLP to strengthen connections among entrepreneurs, venture capitalists, and limited partners. Additionally, it raised $1.4 billion across its investment platforms, featuring a $150 million opportunity fund aimed at larger-scale deals.
During 2021, Sapphire secured $1.7 billion in funding in February followed by another $2 billion in November. These efforts expanded its assets under management beyond $8.8 billion and enhanced its Portfolio Growth services. The firm also broadened its European presence by appointing Annalise Dragic as partner—making her one of the youngest female venture capital partners on the continent.
In 2022, Sapphire joined the National Venture Capital Association’s board with partner Beezer Clarkson serving through 2026 and became an official sponsor of PitchBook’s podcast series.
Early in 2023, Sapphire unveiled a new $181 million fund for Sapphire Sport aimed at leveraging opportunities within the expanding sports technology market.
Investment Approaches
Sapphire employs three primary investment approaches: Sapphire Ventures, Sapphire Partners, and Sapphire Sport, addressing early to growth-stage opportunities through both direct investments and fund-of-funds models.
Sapphire Ventures
This division targets rapidly scaling technology firms in the expansion phase, specializing in industries such as artificial intelligence, B2B SaaS, web3, cybersecurity, data analytics, devops, fintech, health tech, and vertical SaaS sectors.
Sapphire Partners
Functioning as a limited partner, Sapphire Partners allocates capital to early-stage technology venture funds ranging from $40 million seed funds to Series A funds exceeding $100 million. Its portfolio encompasses firms like Union Square Ventures, Amplify Partners, SaaStr, Point Nine Capital, Data Collective, and Screendoor. Originally established as a $405 million fund of funds, it now reinvests distributions to meet ongoing commitments. Additionally, Sapphire supports #OpenLP, an online platform dedicated to educating venture investors and entrepreneurs about the venture capital landscape.
Sapphire Sport
Focused on early-stage technology ventures at the nexus of sports, media, and entertainment, Sapphire Sport launched a $115 million fund in 2019 followed by a $181 million fund in 2023. Supported by affiliates from prominent sports leagues and organizations such as City Football Group, Adidas, AEG, SAP, Sinclair Broadcast Group, and Madison Square Garden, its portfolio includes companies like Aglet, Breathwrk, Buzzer, Fevo, Flowhaven, Green Park, Jackpot.com, Manicore, Mixhalo, Overtime, PlayVS, POAP, Tonal, and Trust. Key exits feature MyCujoo and Phoenix Labs.
Portfolio Expansion
The Portfolio Growth unit at Sapphire aids its portfolio companies and venture funds by enabling introductions to customers, partners, and executive-level talent. Following the firm’s $1.7 billion capital raise in 2021, this segment experienced considerable growth. It leverages a "centers of excellence" framework to assist founders with sales strategies, go-to-market execution, global scaling efforts, insights into CIO and CXO technology evaluation processes, as well as guidance on capital markets.
Each year, this division facilitates numerous executive talent and customer connections. During the COVID-19 crisis, Sapphire gained recognition for its innovative leadership support through shared operational playbooks and virtual CEO peer group meetings.
Investments
Since its inception, Sapphire has invested in more than 130 companies across 10 countries and has realized over 70 successful exits through approximately 30 IPOs and 45 acquisitions. This track record establishes Sapphire as a top-tier venture capital firm based on public exit volume.
Prominent portfolio companies backed by Sapphire that have completed IPOs or acquisitions include:
- 23andMe (via SPAC merger)
- Alteryx (IPO)
- Apigee (IPO; acquired by Google)
- Auth0 (acquired by Okta)
- AvidXchange (IPO)
- Block / Square (IPO)
- Braze (IPO)
- Box (IPO)
- Cazoo (via SPAC merger)
- Control4 (IPO)
- DocuSign (IPO)
- ExactTarget (IPO; acquired by Salesforce)
- Fitbit (IPO; acquired by Google)
- Five9 (IPO)
- Integral Ad Science (IPO)
- JFrog (IPO)
- Kaltura (IPO)
- Linkedin (IPO; acquired by Microsoft)
- Livongo (IPO; merged with Teladoc Health)
- Looker (acquired by Google)
- MuleSoft (IPO; acquired by Salesforce)
- Monday.com (IPO)
- Paytm (IPO)
- Ping Identity (IPO; acquired by Thoma Bravo)
- Sumo Logic (IPO)
- Wise / TransferWise (IPO)
Current portfolio holdings include 6Sense, BetterUp, BlockDaemon, Brightfield, Catchpoint, Current, Clari, Degreed, feedzai, JumpCloud, LeanData, Mercury, Pendo, Reltio, and Tetrate.
Recognition
Between Q1 2013 and Q2 2015, CB Insights positioned Sapphire Ventures as the fourth leading venture capital firm based on involvement in significant technology exits, tallying 10 such events, trailing only Accel, New Enterprise Associates, and Sequoia Capital.
In 2016, PitchBook listed Sapphire Ventures among the Top 5 venture capital firms for public exits, sharing this distinction with Sequoia, IVP, Accel, NEA, DAG Ventures, Bessemer, and Kleiner Perkins.
Inc. Magazine honored Sapphire Ventures as a "founder friendly" investor in both 2021 and 2022.
During 2022, Sapphire earned recognition as one of the "world's premier venture capital firms," emphasizing its strategic expertise and investment strengths across software sectors such as web3 and next-generation media.