Sapphire Ventures Explained

Sapphire Ventures, LLC
Industry:Venture Capital
Foundation:1996
Assets:$10.2 billion[1]
Hq Location:Menlo Park, California, U.S.

Sapphire Ventures (stylized as SAPPHIRE) is a venture capital firm with offices in Menlo Park, San Francisco, Austin, and London.[2] [3] The firm is considered one of the world's premier venture capital firms.[4]

The firm primarily invests in Series B through IPO technology companies, as well as tech-focused early stage venture firms, seed, and Series A early-stage sports, media, and entertainment start-ups.

Notable Sapphire-backed companies include 23andMe,[5] Alteryx,[6] Auth0,[7] Block (Square),[8] Box,[9] Current,[10] Degreed,[11] DocuSign,[12] Fitbit,[13] IAS,[14] JumpCloud,[15] Kaltura,[16] Linkedin,[17] Livongo,[18] Looker,[19] MuleSoft,[20] Monday.com,[21] Paytm,[22] Ping Identity,[23] Sumo Logic,[24] Wise (TransferWise).[25]

History

The firm was founded in 1996 as the venture capital arm of multinational software conglomerate SAP[26] and spun out as an independent company in 2011, rebranding to Sapphire Ventures in 2014.[27] At the time, Sapphire Ventures managed $1.4 billion and had invested in more than 125 companies, with 10 companies going public and 17 getting acquired.

In 2012, the firm launched Sapphire Partners,[28] a real-time fund[29] making investments in early-stage venture capital funds based in North America, Europe, and Israel.[30] The strategy also includes direct co-investing alongside Sapphire Partners' GPs.[31]

In 2015, Sapphire partnered with technology companies Cisco Systems and Siemens to co-host the first industry summit on the Internet of Things, named "IoT: Empowering The Enterprise" in San Jose, California.[32] [33] Sapphire had been an investor in Control4,[34] an IoT company which completed its initial public offering in 2013.[35]

In 2019, the firm launched Sapphire Sport,[36] a fund dedicated to backing companies at the intersection of sports, media, and entertainment. Backers of the fund included Manchester City's City Football Group (CFG) alongside owners, investors, and family offices from the National Football League (NFL), Major League Baseball (MLB), National Basketball Association (NBA), National Hockey League (NHL), and Major League Soccer (MLS).[37] Later in 2019, Sapphire Ventures re-launched #OpenLP, a community to foster idea sharing, open dialogue and overall greater connectivity among entrepreneurs, venture capitalists and limited partners (LPs).[38] [39] That year, Sapphire also raised $1.4 billion across investment strategies, including a $150 million opportunity fund to support larger deals.[40]

In 2021, the firm raised $1.7 billion in February and an additional $2 billion in November[41] across multiple investment strategies, with its assets under management surpassing $8.8 billion. This increase in capital also allowed the firm to expand its Portfolio Growth capabilities. Later that year, Sapphire made a major expansion in Europe and appointed Annalise Dragic as partner,[16] making Dragic one of the youngest female venture capital partners in Europe.[42] [43]

In 2022, Sapphire Ventures joined the board of the National Venture Capital Association[44] with one of the firm's partners, Beezer Clarkson serving from 2022 through 2026.[45] The firm additionally became the official sponsor of PitchBook's podcast.[46]

In early 2023, the firm announced a new $181 million fund for Sapphire Sport.[47]

Investment Strategies

Sapphire has funds that comprise three primary investment strategies: Sapphire Ventures, Sapphire Partners, and Sapphire Sport spanning across early through growth stages and through direct and fund-of-fund investments.

Sapphire Ventures

Sapphire Ventures invests in high-growth, expansion-stage technology companies, specifically focusing on artificial intelligence & machine learning, B2B SaaS, web3, cyber security, data & analytics, devops, fintech, health tech, and vertical SaaS.[48]

Sapphire Partners

Sapphire Partners is a limited partner that backs early-stage tech venture funds, from seed funds as small as $40 million up to series A investors with more than $100 million in capital.[49] The strategy has invested in funds including Union Square Ventures, Amplify Partners, SaaStr, Point Nine Capital, Data Collective, and Screendoor among others.[50] The strategy was originally set up as a $405 million fund of funds and was later modified to recycle distributions to meet future contribution obligations.

Additionally, along with this investment strategy, Sapphire supports an online community called #OpenLP aimed at educating venture investors and tech entrepreneurs about issues related to the venture ecosystem which it relaunched in 2019.[51]

Sapphire Sport

Sapphire Sport invests in early-stage technology companies at the intersection of sport, media and entertainment.[52] In early 2019 the strategy launched a $115 million investment vehicle,[53] and in 2023 it another $181 million fund. The strategy has been backed by affiliates of the world's largest and most well-known sports leagues such as City Football Group as well as Adidas, AEG, SAP, Sinclair Broadcast Group, and Madison Square Garden.[54] In early 2023 Investments have included Aglet, Breathwrk, Buzzer, Fevo, Flowhaven, Green Park, Jackpot.com, Manicore, Mixhalo, Overtime, PlayVS, POAP,[55] Tonal, and Trust.[56] Exits include MyCujoo and Phoenix Labs.[57]

Portfolio Growth

Sapphire's Portfolio Growth division works with its portfolio companies and venture funds to offer support in the areas of customer, partner, and executive talent introductions.[58] As part of the firm's $1.7 billion capital raise in 2021, the Portfolio Growth division saw an expansion.[59] The division also has a "centers of excellence" strategy which offers founders support with sales and GTM strategies, international expansion, insights into how CIO and CXO enterprise decision-makers evaluate new and emerging technologies, and capital market oversight.[60]

The division makes hundreds of executive talent and customer introductions each year.[61]

The firm was recognized during the COVID-19 pandemic for coming up with creative ways to guide and share playbooks developed for and during the pandemic.[62]

Investments

Since the firm's founding, Sapphire has invested in more than 130 companies across 10 countries, with more than 70 exits across 30 IPOs and 45 acquisitions[63] [64] making it one of the most active venture capital firms based on public exits.[65]

Notable Sapphire-backed portfolio companies that have experienced IPOs or acquisitions include 23andMe (Merged with SPAC[66]), Alteryx (IPO[67]), Apigee[68] (IPO,[69] Acquisition by Google[70]), Auth0 (Acquired by Okta[71]), AvidXchange (IPO[72]), Block / Square (IPO[73]), Braze[74] (IPO[75]), Box (IPO[76]), Cazoo (Merged with SPAC[77]), Control4 (IPO[78]) DocuSign (IPO[79]), ExactTarget[80] (IPO,[81] Acquired by Salesforce[82]), Fitbit (IPO,[83] Acquired by Google[84]), Five9[85] (IPO[86]), Integral Ad Science (IPO[87]), JFrog[88] (IPO[89]), Kaltura (IPO[90]), Linkedin (IPO,[91] Acquired by Microsoft[92]), Livongo (IPO,[93] Merger with Teladoc[94]), Looker (Acquired by Google[95]), MuleSoft (IPO,[96] Acquired by Salesforce[97]), Monday.com (IPO[98]), Paytm (IPO[99]), Ping Identity (IPO,[100] Acquired by Thoma Bravo[101]), Sumo Logic (IPO[102]), Wise / TransferWise (IPO[103]).

Some of Sapphire’s current investments include: 6Sense, BetterUp, BlockDaemon, Brightfield, Catchpoint, Current, Clari, Degreed, feedzai, JumpCloud, LeanData, Mercury,[104] Pendo, Reltio, and Tetrate.[105]

Recognition

CB Insights recognized Sapphire Ventures as Top 5 VC based on participation in major tech exits. Specifically, the independent study compiled a list of VCs with at least five of the top 100 exits in the period between Q1 2013 and Q2 2015 and ranked each VC according to how many of these exits they were involved in. Sapphire Ventures was named #4 on the list with 10 exits, behind Accel, New Enterprise Associates and Sequoia Capital.[106]

PitchBook highlighted Sapphire Ventures as a Top 5 VC based on public exits in 2016. The firm was named alongside Sequoia, IVP, Accel, New Enterprise Associates, DAG Ventures, Bessemer, and Kleiner Perkins.

Inc. Magazine named Sapphire Ventures a “founder friendly” investor in both 2022[107] and 2021.[108]

In 2022, Sapphire was recognized as one of the "world's premier venture capital firms," specifically noting the capabilities of the firm to invest across verticals within software including web3 and next generation media.

External links

Notes and References

  1. Web site: UNIFORM APPLICATION FOR INVESTMENT ADVISER REGISTRATION AND REPORT BY EXEMPT REPORTING ADVISERS. sec.gov.
  2. Web site: Sapphire Ventures Raises $1.7 Billion After Year of Big Exits. 4 February 2021. Katie Roof. Bloomberg. November 30, 2021. https://web.archive.org/web/20210730003059/https://www.bloomberg.com/news/articles/2021-02-04/sapphire-ventures-raises-1-7-billion-after-year-of-big-exits. 30 July 2021. live.
  3. Web site: 2021-11-30. Sapphire Ventures secures largest capital raise to date across two new funds. 2022-02-13. TechCrunch. en-US.
  4. Web site: Baker . Kendall . 2022-10-27 . The rise of sports as investment . 2022-11-01 . Axios . en.
  5. Web site: Clark . Kate . 2019-12-18 . SAP spinout Sapphire Ventures raises $1.4B for new investments . 2022-11-10 . TechCrunch . en-US.
  6. News: Gage . Deborah . 2013-05-20 . Alteryx Raises $12M for Big Data Analytics . en-US . Wall Street Journal . 2022-11-10 . 0099-9660.
  7. Web site: Auth0 Announces $55M in Series D Funding . 2022-11-10 . Auth0 - Blog . en.
  8. News: Schimroszik . Nadine . Mukherjee . Supantha . 2021-10-21 . SAP's results get boost from cloud business, venture capital firm . en . Reuters . 2022-11-10.
  9. Web site: Hoge . Patrick . 2013-10-02 . SAP Ventures to invest hundreds of millions in Bay Area companies . 2022-11-10 . www.bizjournals.com.
  10. Web site: Former Wall Street Trader Raises Series C for Current Challenger Bank - SWFI . 2022-11-17 . www.swfinstitute.org.
  11. Web site: 2021-04-15 . Sapphire Ventures-Backed Degreed Raises $153M To Digitally Transform Education . 2022-03-23 . CB Insights Research . en-US.
  12. Web site: Boslet . Mark . 2012-07-13 . DocuSign Raises $47.5M from KP, SAP, Accel, Others. KP's Meeker Joins Board . 2022-11-10 . PE Hub . en-US.
  13. Web site: Fitbit raises $43 million in new funding . 2022-11-10 . Fortune . en.
  14. Network) . FleishmanHillard (Wire News . 2015-07-31 . Integral Ad Science Raises $67 Million to Fund Advancements in Technology and Further Global Expansion . 2022-11-10 . GlobeNewswire News Room . en.
  15. Web site: Miller . Ron . 2021-09-13 . JumpCloud raises $159M on $2.56B valuation for cloud directory tool . 2022-11-10 . TechCrunch . en-US.
  16. Ventures . Sapphire . Sapphire Ventures to Expand European Reach Following Unveiling of Nearly $2bn in New Capital Commitments . 2022-11-10 . www.prnewswire.com . en.
  17. Web site: LinkedIn Raises $22.7 Million from Goldman Sachs, The McGraw-Hill Companies, SAP Ventures and Bessemer Venture Partners . 2022-11-10 . press.linkedin.com . en.
  18. Web site: 2016-04-12 . Livongo Health Completes $44.5M Funding to Support Growth, Expand Health Platform . 2022-11-10 . www.businesswire.com . en.
  19. Web site: 2015-03-11 . Sapphire fancies Looker in $30m series B . 2022-11-10 . Global Venturing.
  20. Web site: MuleSoft Raises $37 Million to Connect the New Enterprise . 2022-11-10 . MuleSoft . en.
  21. Web site: Lunden . Ingrid . 2019-07-30 . Monday.com raises $150M more, now at $1.9B valuation, for workplace collaboration tools . 2022-11-10 . TechCrunch . en-US.
  22. Web site: From Masayoshi Son to Warren Buffett ⁠— some of the world's biggest billionaires have a stake in the success of Paytm IPO . 2022-11-10 . Business Insider.
  23. Web site: Ping Identity Receives $35 Million in Additional Funding Led by New Investor KKR . 2022-11-10 . www.pingidentity.com . en.
  24. Web site: Sumo Logic Completes $75 Million Funding Round . 2022-11-10 . Sumo Logic . en-US.
  25. News: 2017-11-02 . TransferWise raises $280 million from Old Mutual, IVP and others . en . Reuters . 2022-11-10.
  26. Web site: SAP Ventures raises $650M in new global VC fund - VCCircle. vccircle.com.
  27. News: Gage . Deborah . 2014-10-16 . SAP Ventures Changes Name to Sapphire Ventures, Expands Focus . en-US . Wall Street Journal . 2022-11-10 . 0099-9660.
  28. News: 2013-05-17 . SAP boosts startup fund by 2.6X to stimulate big data innovation . en . Reuters . 2022-11-10.
  29. Web site: 2013-10-02 . SAP Ventures Raises US$1 Billion in One Year . 2022-11-10 . SAP News Center . en-US.
  30. Web site: Sapphire Partners . 2022-11-10 . Sapphire Ventures . en-US.
  31. Ventures . Sapphire . Sapphire Announces 2021 Partner Promotions in the U.S. and Europe After Landmark Year of Growth . 2022-11-10 . www.prnewswire.com . en.
  32. https://twitter.com/SapphireVC/status/580460389131034624 @SapphireVC on Twitter
  33. Escott, Blake. Cisco Systems, Inc. (NASDAQ:CSCO) Planning Bigger With SAP Today, Finisar Corp. (NASDAQ:FNSR), Juniper Networks, Inc. (NYSE:JNPR), "StreetWise Report", 24 March 2015. Retrieved on 13 April 2015
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  35. Web site: Control4 Announces Pricing of Initial Public Offering . 2022-11-10 . www.control4.com.
  36. Web site: 2019-01-28. Sapphire Ventures launches $115 million sports tech fund with big-name backers. 2022-02-13. VentureBeat. en-US.
  37. Ventures . Sapphire . Sapphire Ventures Raises $115M+ to Launch: Sapphire Sport Funds Platform . 2022-11-10 . www.prnewswire.com . en.
  38. Web site: Sapphire Partners Relaunches OpenLP.com to Help Aggregate the LP Voice and Foster Greater Connectivity Between Limited Partners and the Venture Capital Community . 2022-11-10 . markets.businessinsider.com . en.
  39. Web site: Sapphire Partners Relaunches OpenLP to Aggregate LP Voice and Foster Greater Connectivity Between LP VC Community . 2022-11-10 . Sapphire Ventures . en-US.
  40. Web site: 2019-12-18 . SAP spinout Sapphire Ventures raises $1.4B for new investments . 2022-03-11 . TechCrunch . en-US.
  41. Web site: Hall . Christine . Sapphire Ventures secures largest capital raise to date across two new funds . TechCrunch . 30 November 2021 . 30 November 2021.
  42. Web site: Lockwood . Tasmin . Sapphire Ventures makes Annalise Dragic one of Europe's youngest partners in the male-dominated world of venture capital . 2022-03-11 . Business Insider . en-US.
  43. Web site: Ackerman . Naomi . 2021-12-14 . Female investor, 29, to spearhead Europe expansion for US VC Sapphire . 2022-03-11 . www.standard.co.uk . en.
  44. Web site: smaloney@nvca.org . Board of Directors . 2022-11-10 . National Venture Capital Association - NVCA . 5 October 2022 . en-US.
  45. Association . National Venture Capital . NVCA Appoints Threshold's Emily Melton as New Board Chair . 2022-11-10 . www.prnewswire.com . en.
  46. Web site: Listen to Season 6 of the 'In Visible Capital' podcast PitchBook . 2022-11-10 . pitchbook.com . en.
  47. News: 2023-01-25 . Sapphire Sport Starts $181 Million Venture Fund as Sector Grows . en . Bloomberg.com . 2023-01-27.
  48. Web site: Fang. Sabrina. 2021-05-17. NVCA Member Spotlight: Sapphire Ventures. 2022-02-13. National Venture Capital Association - NVCA. en-US.
  49. Web site: Temkin . Marina . 2020-03-09 . Sapphire Partners sees value in investing steadily in early-stage VC . 2022-02-13 . Venture Capital Journal . en-US.
  50. Web site: 2021-06-18 . Venture Capitalists Launch $50 Million Initiative For Emerging Managers . 2022-03-11 . FIN News . en-US.
  51. Web site: Temkin . Marina . 2020-03-09 . Sapphire Partners sees value in investing steadily in early-stage VC . 2022-03-11 . Venture Capital Journal . en-US.
  52. News: Sapphire Ventures Draws Who's Who of Sports to $115 Million Fund . 2019-01-28 . Bloomberg. 28 January 2019 .
  53. Web site: 2021-02-09. 'It requires a different way of thinking': Sapphire Sport's strategy for investing during a pandemic. 2022-02-13. SportsPro. en-GB.
  54. Web site: Young . Jabari . There's An Innovation Revolution Going On In Sports, And VC Firm Sapphire Is Helping Pay For It . 2023-01-27 . Forbes . en.
  55. Web site: Sapphire Sports invests in Ethereum-based event attendance app . 2022-03-23 . www.sportsbusinessjournal.com . 19 January 2022 . en.
  56. Web site: Sapphire Sport . 2023-01-27 . Sapphire Ventures . en-US.
  57. Web site: Dorbian . Iris . 2020-02-03 . Sea's Garena buys Phoenix Labs . 2022-03-23 . Venture Capital Journal . en-US.
  58. Web site: 2021-10-04 . Building "companies of consequence", a profile of Sapphire Ventures . 2022-03-11 . Maddyness UK . en-UK.
  59. Web site: Lahiri . Anusuya . 2021-02-04 . Sapphire Ventures Rakes In $1.7B To Fund Tech Startups . 2022-03-11 . Benzinga . English.
  60. Web site: Elder . Jeff . Sapphire Ventures explains how it used wine-and-cheese Zoom group therapy sessions to help its portfolio CEOs become stronger leaders in the pandemic . 2022-04-15 . Business Insider . en-US.
  61. Web site: Year-In-Review 2021 . 2022-11-10 . Sapphire Ventures . en.
  62. Web site: Elder . Jeff . Sapphire Ventures explains how it used wine-and-cheese Zoom group therapy sessions to help its portfolio CEOs become stronger leaders in the pandemic . 2022-03-11 . Business Insider . en-US.
  63. Lahiri, Anusuya, "Sapphire Ventures Rakes In $1.7B To Fund Tech Startups", (c) Benzinga via Yahoo! Finance, February 4, 2021. Retrieved 2021-02-06.
  64. News: Podder . Sohini . 2021-11-30 . Sapphire Ventures raises $2 bln in latest capital raise . en . Reuters . 2022-11-17.
  65. Web site: The top 8 VCs behind U.S. tech IPOs PitchBook . 2022-11-10 . pitchbook.com . en.
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  67. Web site: Russell . Jon . 2017-03-24 . Enterprise data firm Alteryx set to raise $126 million from NYSE IPO . 2022-11-10 . TechCrunch . en-US.
  68. Web site: 2012-07-25 . SAP helps Apigee raise $20m . 2022-11-10 . Global Venturing.
  69. News: 2015-04-24 . Software developer Apigee's IPO priced at $17 per share . en . Reuters . 2022-11-10.
  70. Web site: Miller . Ron . 2016-09-08 . Google will acquire Apigee for $625 million . 2022-11-10 . TechCrunch . en-US.
  71. Web site: Exclusive: Inside the 8-year, $6.5 billion courtship between Okta and Auth0 . 2022-11-10 . Fortune . en.
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  73. Web site: Square prices IPO at just $9 per share, valued at $2.9 billion . 2022-11-10 . Fortune . en.
  74. Ventures . Sapphire . Sapphire Announces Nearly $2 Billion in New Capital Commitments Across Growth-Focused Technology Funds . 2022-11-10 . www.prnewswire.com . en.
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  76. Web site: Box IPO: The $120 million that got away . 2022-11-10 . Fortune . en.
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