SAP Ventures becomes Sapphire Ventures

The Palo Alto- and London-based firm confirmed the "clear reference" to its former owner in the new name and stated it would continue "to draw on the powerful reach and resources of the SAP ecosystem".

It also has an alliance with the America SAP Users' Group (ASUG), which represents 3,700 companies across 17 industries in the US.

Sapphire has $1.4bn in assets under management via both direct investments and an early-stage fund-of-funds. It has 125 portfolio companies across five continents and has raised three primary investment funds in the last four years.

Its second fund, SAP Ventures Fund II, raised more than $650m in October 2013. SAP was the sole LP in the vehicle.

Earlier this year, SAP made a $20m capital commitment to portfolio company Scytl, a Barcelona-based electronic voting company. The funding was put towards improving the business's research and development capabilities.

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