Sapphire Ventures

Here at Sapphire Ventures, we pride ourselves on our passion, experience, enterprise expertise, and helping build what we call Companies of Consequence. But don’t just take our word for it. Over the past couple of years, we asked our portfolio CEOs “Why Sapphire?” Here’s what they had to say: ??Our conviction and shared passion for the company vision is unmatched ??Our experience in helping build iconic Companies of Consequence ??Our enterprise network, and specifically our ability to make customer & talent intros that matter ??Simply put, we get enterprise ?? Check out the video below for more on why our CEOs choose us.

?? ???????????????? ???????????? ???????? ??????????: ?????? ?????????????????????? & ???????????? ???????????????????? ?????? ?????????????? ??&?? ?????? ???? ?????????????? Last month offered a snapshot of a market in flux where macro headwinds, evolving trade policies, and cautious optimism around M&A resulted in capital deployment shifts. ???????? ?????? ?? ?????? ???????????????????? ???????? ?????? ???????????????? ????????: ?? Market Corrections & VC Slowdown: In February, Venture funding declined 2% globally, as macro uncertainty keeps investors cautious. ?? Geopolitics & Capital Markets: As geopolitical factors become more central to investment discussions, boardrooms and investment committees are increasingly factoring national and regional resilience into their strategies. ?? M&A: Signs of Life? While we’re not in full rebound mode, deal-making is increasing, particularly in AI, SaaS, and infrastructure. Will this momentum continue into Q2? ?? See the top M&A deals since the start of the year below and dive into the full market memo for deeper insights. ??https://lnkd.in/g436wG83 CC: Kevin Burke, Lou Segall, & Jake DellaPasqua #VentureCapital #MergersAndAcquisitions #SaaS #MarketMemo

We’re proud to see our very own Cathy Gao take the stage at Transform to explore AI’s role in the future of workforce technology. Exciting times ahead as AI reshapes the workplace, supercharging HR and its people leaders! #AI #FutureOfWork #HRTech

????????’?? ?? ????????! ???????????? ?????????????? ???????????????? ???? ???????????????????? ?????????? ???? ????????????????, ??????????????????, ?????? ?????????????? ?????? ?? ???????? ???? ??????????????-?????????????????? ?????????????????????????? ???? ??????????’?? ?????????????? ??????????–????. We’re thrilled to have taken part with two of our partners speaking–Jai Das on Investing in Intelligence and Casber Wang on From Code to Capital. Here’s what stood out across both sessions: From Investing in Intelligence: The High-Stakes World of AI Venture Capital ??More capital isn’t always better. Startups raising $100M+ pre-product often struggle with focus. ??Scrappiness still wins. The best founders move fast, adapt, and make the most of limited resources. ??Valuations are high, but expectations are higher. Investors are looking for cash-efficient business models, not just fast growth. From Code to Capital: The Technical Edge of Venture Capital in AI: ??AI investing requires a technical edge. Deep expertise in AI infrastructure, data platforms, and model research helps investors separate hype from real innovation. ??The AI stack is evolving. The lines between foundational models, vertical applications, and enterprise AI adoption are shifting quickly. ??Growth-stage AI investments are heating up. While early-stage AI funding is competitive, Series B+ deals are seeing renewed investor interest. Thanks to HumanX for an awesome event. See you again in 2026! #AI #VentureCapital #HumanX2025 #GenerativeAI CC: Josh Constine (SignalFire), Christine Tsai (500 Global), Steve Jang (Kindred Ventures), Krystal Hu (Reuters), Sara Ittelson (Accel), Ian Sigalow (Greycroft)

Following the release of The State of the SaaS Capital Markets report earlier this year, Sapphire Ventures’ Partner Steve Abbott took the stage at the Citizens Technology Conference to share where SaaS is headed next. Here’s what’s driving the market forward: 1?? Software is back: VC investment in private technology companies is up, and enterprise software continues to take a share of that pie (42% of all tech VC investment). Software mega-rounds ($100M+) are up (206 in 2024, an increase from 144 in 2023), and we have entered the era of the ultraround ($1B+). ? 2?? AI is eating software: GenAI funding was up 100%+ in 2024. GenAI is TAM-expansive to software, as agentic AI gobbles up adjacent services TAM. 2025 will be the year of AI-first application-layer companies, building on the success of AI model-layer investment in 2023–2024. ? 3?? VC renaissance: Pacing is back to pre-pandemic levels. It’s an exciting time to be a VC or a founder, as AI-first companies are growing from pre-revenue levels faster than ever before.? ?? Want the full breakdown? Download The State of the SaaS Capital Markets report here: https://lnkd.in/gKz5zGwe #EnterpriseSaas #AI #VC

AI is transforming HR and workforce tech—so what’s next? At Transform, Cathy Gao will join Jean-Paul (J.P.) Sanday (Menlo Ventures), Barbry McGann (Workday Ventures), and Usman Khan (ADP Ventures) to discuss the hottest trends shaping the future of work, including: ? AI-driven workforce solutions – How AI is reshaping hiring, automation, and workforce management ? Agentic frameworks & AI adoption – The role of AI-powered agents in HR and enterprise adoption trends ? Corporate partnerships & distribution – How startups can scale by partnering with established enterprises ? The changing investment landscape – What VCs are looking for in workforce tech startups ?? Wynn Las Vegas ?? March 18 | 11:10 - 11:40 AM PT ??? https://lnkd.in/gEXj6mQ Planning to attend? Don’t miss this conversation. Still on the fence? There’s still time to register! #FutureOfWork #AI #WorkplaceInnovation #Transform2025

A huge congratulations to Moveworks on the next chapter of your journey! ?? By joining the ServiceNow family, together Moveworks + ServiceNow will set a new standard for the future of employee engagement with a powerful universal AI assistant, along with more perceptive AI?based enterprise search. Since first partnering with Bhavin Shah, Varun Singh, Vaibhav N., Jiang Chen and the entire team in 2019, co-leading the company’s series B, we’ve been big believers in the company’s mission to improve the employee experience with AI. We’re beyond excited to see what the future holds for Moveworks, agentic AI and employee productivity overall! ??Read more about the acquisition here: https://lnkd.in/d26ch5jc CC: Rajeev Dham, Jai Das, Cathy Gao, Casber Wang. #CompaniesofConsequence #AI #Automation #EnterpriseAI

AI isn’t the product—so what is? On the EO STUDIO Deal Makers podcast Rajeev Dham breaks down a critical challenge in today’s startup landscape: differentiation. With AI woven into nearly every pitch, founders need more than just cutting-edge tech to stand out. Here are 3 major takeaways from the conversation: ?? AI isn’t killing SaaS—it’s evolving it. Every vertical is being touched by software and AI, but true innovation lies in solving new problems, not just layering AI on existing models. ?? Investor scrutiny is sharper than ever. The best founders articulate a compelling “why now?”—a clear market gap and a differentiated approach that moves beyond AI as a buzzword. ?? Conviction is a competitive advantage. Growth-stage investing isn’t just about numbers. Founders who deeply believe in their vision—and execute with precision—rise above the noise. Watch the following episode to learn what separates lasting companies from fleeting trends: https://lnkd.in/gC2NB5yY #AI #SaaS #VentureCapital #Founder

AI applications aren’t just growing fast—they’re outpacing an entire decade of software growth. ?? As businesses rapidly adopt AI to drive productivity and cost efficiencies, investors are valuing AI startups differently by basing valuations not just on today’s revenue, but on unprecedented future growth projections. As Jai Das explains, AI companies are scaling at rates we haven’t seen before, leading to sustained high valuations even as the market evolves. But with the AI landscape shifting, will these multiples hold? Read The Information’s deep dive into AI’s evolving funding dynamics: https://lnkd.in/g4Pc7ba3 #StartupValuations #AI #VentureCapital

Founder conviction and a strong company culture are crucial to startup innovation and, ultimately, success. We’re proud to see 17 of our portfolio companies recognized for excelling in company reputation, employee satisfaction, and growth in this year’s Forbes Best Startup Employers list. ?? ?? ?? ?? Hightouch, Mercury, Glean, Attentive, Moveworks, Gem, Gorgias, FalconX, Weights & Biases, Sword Health, Dremio, Huntress, JupiterOne, Paradox, Yugabyte, CaptivateIQ, EliseAI See the full list here: https://lnkd.in/dGSX3ahr #CompaniesofConsequence #VC #Forbes #StartupCulture