Jacksonville-headquartered Fanatics is tackling 2021 head on. The sports merchandise company, which has an office in San Mateo, recently raised $320 million, bringing its valuation to $12.8 billion, according to sources familiar with the matter.
Funds will be used to grow Fanatics vertical commerce, expand internationally and examine additional mergers and acquisitions, according to the company. The latest funding round comes from current investors, including Thrive Capital, Major League Baseball, Franklin Templeton, Blackstone, Fidelity, Silver Lake and Neuberger Berman.
Last year was Fanatics’ best year yet. In August, the company was valued at $6.2 billion, according to CNBC. Since then, Fanatics has acquired Top of the World, a college headwear brand, and WinCraft, a sports hardgoods company. These two acquisitions allowed Fanatics to expand beyond apparel merchandise. In December, Fanatics partnered with Lids and Barnes & Noble Education to manage nearly 800 college websites and bookstores. Adding to the list, Fanatics China launched.
The hot streak does not end there. As of January 1, Fanatics’ global e-commerce is up 30 percent year-over-year. The company expects to exceed $3 billion in revenue this year, according to sources familiar with the matter.
While many have wondered if the sports merchandise giant will soon go public, a Fanatics spokesperson said there is currently no timeline for the company to do so.
“Our focus remains on building a great global company and strengthening our vertical commerce business model,” the spokesperson said.
Fanatics has offices across the globe, including a location in San Mateo. This office is currently hiring for about 18 open roles, including opportunities on its product, engineering and analytics teams.
