Fanatics has raised roughly $700 million from a series of new and existing investors in a round that values the company at $31 billion, according to someone familiar with the details.
It’s the latest round of financing for the company, which is rapidly expanding its e-commerce empire into new areas like sports betting and trading cards. Fanatics was valued at $6.2 billion in a round in August 2020, and after the new vision began taking shape, new investors came in at a $27 billion value earlier this year.
Clearlake Capital, the private equity firm behind the recent purchase of English soccer giant Chelsea, led this most recent round, which came together despite a challenging fundraising environment. About 60% of the money in the $700 million round is from new investors, including LionTree, according to the person, who was granted anonymity because the details are private.
