Fanatics, a subsidiary of Conshohocken-based Kynetic, has rased $350 million in a funding round catapulting the valuation of the online sports apparel retailer to $6.2 billion, writes Kennedy Rose for the Philadelphia Business Journal.
The proceeds will be used to “accelerate the acquisition of rights to build our vertical e-commerce business,” said Michael Rubin, CEO of Kynetic and executive chairman of Fanatics.
The Series E round was led by Fidelity Management & Research and Thrive Capital. It is poised to be the last investment round for the company which is currently working on filing an initial public offering.
Prior to this latest funding round, the company was valued at $4.5 billion, following a 2017 investment of $1 billion by SoftBank.
According to Rubin, a Main Line resident and Philadelphia 76ers co-owner, business is booming and has only gotten better since pro sports leagues returned. This pushed sales of NHL-branded items up by 200 percent, NBA sales by 100 percent, and MLB sales by 50 percent, said Rubin.
“Year-to-date through yesterday, our e-commerce business is up 30%,” he said. “Without having sports for five months, we’re still up 30%.”
Read more about Fanatics at the Philadelphia Business Journal by clicking here.
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