Fanatics Raises Fresh Funding, Reaches Valuation Of $27B
Sports apparel brand, Fanatics, has raised $1.5 billion in fresh funding, raising its valuation to $27 billion.
The investment round was supported by BlackRock, Fidelity and billionaire Michael Dell’s private investment firm MSD Capital.
The latest funding round comes at a time when the company is seeking to turn its business into a sports commerce conglomerate that has gaming, sports betting and media operations, in addition to its retail business, Reuters reported.
Just over a month ago, the company bought Topps’ trading cards and collectibles business for $500 million. Around the same time, the company bought jersey replicas and streetwear brand, Mitchell & Ness, in partnership with U.S. rapper Jay-Z.
“I’m incredibly excited for Fanatics to partner with this incredible group of innovative owners to build upon the company’s already strong business,” said Fanatics CEO Michael Rubin at the time. “Growing up as a kid in Philadelphia, we looked at Mitchell & Ness as a badge of pride, and I truly believe this legendary brand has no limit.”
In August last year, the company’s valuation reached $18 billion, when it reportedly raised $325 million from investors, including SoftBank Group Corp’s Vision Fund.
The brand today holds exclusive licensing deals with the NFL, NHL, NBA, Major League Baseball, in addition to colleges and universities that rely on its platform for making and selling caps, jerseys and other merchandise products.
Originally published at https://retailbum.com on March 3, 2022.