Sports merchandise company Fanatics secured a $325 million money raise to expand into new sectors within its parent umbrella. It’s now valued at $18 billion, sources told CNBC.
The Florida-based e-commerce firm plans to focus on revenue streams outside of merchandising. The division will be led by Fanatics Chairman Michael Rubin, who will serve as chief executive officer. Fanatics claims it will make $3.4 billion in revenue this year, according to The Wall Street Journal.
Fanatics is seeking new opportunities like sports gambling and this move explains why it has been hiring new executives. Last month, Fanatics hired former IAC chief financial officer Glenn Schiffman to play a critical role in expanding into new sectors like gaming and new ticketing models. The company oversees a blockchain tied to its nonfungible token company, Candy Digital.
