In a recent funding round, Fanatics, an e-commerce platform for sports apparel has raised $1.5 billion USD, valuing the company at $27 billion USD.
New investors including BlackRock, Fidelity and Michael Dell’s MSD Partners were amongst those who were involved in the latest funding round. This is a significant jump for the company since it was most recently valued at $18 billion USD less than a year ago. Michael Rubin started the company back in 2011. Rubin is also the co-owner of the Philadelphia 76ers and the New Jerse Devils.
Over the years, Fanatics has gained a major reputation amongst the professional sports apparel world and now has exclusive licensing deals with the NFL, NHL, NBA and MLB. They also have deals with many universities and colleges across the country to make and sell jerseys, hats and other official team merchandise. Earlier this year, Fanatics was part of a deal to acquire Mitchell & Ness. In an effort to expand and leverage its sports fanbase, the company also purchased Topps Trading Cards and Collectibles at the beginning of the year.
In case you missed it, a basketball signed by Kobe Bryant and LeBron James from President Obama’s pickup game is up for auction.
Tagged: business, Sports