Sapphire Ventures closes its third fund at $1 billion

Silicon Valley venture capital firm Sapphire Ventures has closed a new $1 billion fund.
Founded initially as the VC arm of SAP back in 1996, SAP Ventures split from its software giant parent in 2011 and rebranded more than three years later as Sapphire Ventures. The firm focuses on a wide range of expansion-stage startups across the technology spectrum, while also plows money into other early-stage VC funds. This latest news represents Sapphire’s third fund, and takes its total managed ass