Mar 2, 2022 - Economy
Fanatics scores $27 billion valuation
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Fanatics has raised $1.5 billion in a new round of funding that now values the company at $27 billion, Axios has confirmed. The investment was first reported by the Wall Street Journal.
Why it matters: Fanatics' valuation is the proverbial hockey stick, up more than four times in the past 18 months.
- In August 2020, the company was valued at $6.2 billion. A year later, its August 2021 funding valued the digital sports platform at $18 billion.
- Investors in this round include BlackRock, Fidelity and MSD Capital.
- This has only increased speculation about a potential IPO.
The big picture: The company, which was founded in 2011, has been gobbling up the sports memorabilia market lately but is looking to expand beyond its core business of merchandise and memorabilia.
- Last June, Fanatics launched an NFT business called Candy Digital, which was valued at $1.5 billion in October.
- In January, the company bought the trading cards and collectibles business of Topps for around $500 million.
- Just last week, Fanatics, along with Jay-Z and other celebrities, purchased iconic throwback retailer Mitchell & Ness in a deal that valued it at $250 million.
- Recent hires include former FanDuel CEO Matt King, who is leading Fanatics' sports betting and iGaming division.
