NEW YORK: Sports merchandise behemoth Fanatics has doubled its valuation in just eight months, on the back of a fresh $320 million funding round.
CNBC reported on Wednesday (March 24) that Fanatics’ valuation has risen from the $6.2 billion it was worth last August to $12.8 billion today after the e-commerce giant completed a fresh $350 million Series E round.
The new funding will allow Fanatics to “expend its vertical commerce division, explore additional mergers and acquisitions and expand internationally”, the business news channel reported.
Investors in this round include Silver Lake, Fidelity Investments, Franklin Templeton, Neuberger Berman and Thrive Capital, as well as Major League Baseball — which, along with the NFL, had invested $150 million in 2017 and another $100 million last year.
“Fanatics backers are attracted to its growth and ability to reach 80 million sports consumers,” the report noted. “The firm will use the data collected from customers to leverage other business ventures. Sales for Fanatics global eCommerce operations is up 30 percent year over year, and it expects to eclipse $3 billion in sales this year.”
For the record, Fanatics used the funds raised last year to acquire some of its rivals, including WinCraft, a Minnesota-based maker of sports-themed merchandise for the home, car or office, CNBC reported.
