Fanatics reaches $12.8 billion valuation
Sportswear retailer and licensing company Fanatics said that it recently raised $320 million in new funding, giving it a valuation of $12.8 billion.
The funding round was reportedly backed by current investors including private equity firm Silver Lake, Fidelity Investments, Franklin Templeton, Neuberger Berman, Thrive Capital and Major League Baseball.
Launched by Michael Rubin in 2011, the company, which holds licensing deals with major league sports organizations like the NFL, MLB, NHL, NBA and Nascar, in addition to a variety of collegiate partners, has experienced rapid growth as a result of its licensing dominance.
Last August, after raising a $350 million Series E funding round, it used funds to acquire rival firms, including Minnesota-based WinCraft. Previously, it acquired competitors like FansEdge and Majestic.
The company is expected to continue to grow considering its recent expansion into China, where it expects its operation to be worth over $1 billion.
With recent funds, the company is expected to continue to accelerate its v-commerce strategy, through additional rights acquisition and mergers and acquisitions.
Next, the company is also reportedly weighing plans to list Fanatics on the stock market through an initial public stock offering.
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