Recent fanatics have shown that attracting sports enthusiasts has tremendous value.
The Jacksonville, Fla.-based company confirmed today that it has raised $1.5 billion in funding at a $27 billion valuation, up 50% from its $18 billion valuation at press time. The last increase since August last year.
Notably, the NFL was the “biggest investor” in the latest round, putting up $320 million, according to the company. More than half of the investment came from “strategic partners”, including leagues, player associations and team owners, according to hardliners.
These include Major League Baseball (MLB) and its owners, Major League Baseball Players Association (MLBPA), NFL Players Association (NFLPA), National Hockey League, Brooklyn Nets owner Joe Tsai through his Blue Pool Capital fund, and Qatar. investment authority.
Thanks to the latest funding, leagues, player associations and team owners now own about 10% of the company, which can be seen as a strong confirmation of the company and its direction. Institutional investors include BlackRock, Fidelity and MSD partners as well as some existing donors.
This fanatics project will be shocking Revenue $5 billion this year. That’s up from 2017’s $2.2 billion in revenue when the company closed a $1 billion financing led by SoftBank Group’s Vision Fund. At that time, it was worth $4.5 billion.
Last August, the company raised $325 million and announced that it would be divesting its old operations to help leagues and teams sell their licensed fan clothing and equipment directly to customers.
New interest and investment, as well as engagement with leagues and player associations, are part of the fanatics’ goal of becoming a “global digital sports platform,” the company said.
While the trading business remains the main source of income for now, the fanatics purchased the collectibles a few months ago. He also has an NFT affiliate at Candy Digital, of which he is the majority owner, and a fledgling gambling and gaming division.
“We have always considered ourselves a technology company,” the spokesperson said.
Founded in 2002, Fanatics has raised a total of $4.2 billion, according to Crunchbase.