- Companies
- Fanatics
Fanatics Revenue, Valuation, Funding & Investors
Fanatics is valued at $31B as of December 2022, a 8.9x multiple on its last reported $3.5B revenue.
Last Fanatics valuation
$31B
Undisclosed stage · Dec 2022
Last Fanatics funding round
$700M
Undisclosed stage · Dec 2022
Fanatics revenue
$3.5B
Undisclosed stage · Dec 2022
Key investors in Fanatics
Fidelity
Silver Lake
Major League Baseball
SoftBank Group
Thrive Capital
Putnam Premier IT
About Fanatics
Fanatics is a global leader in licensed sports apparel and merchandise, producing jerseys, hats, and gear for NFL, NBA, MLB, NHL, MLS, Premier League, and NASCAR. Headquartered in Jacksonville, Florida, since 1995, the company runs e-commerce sites for over 300 professional and college teams, operates massive distribution centers in Pennsylvania, Arizona, and California, and partners with Nike as the exclusive MLB jersey maker starting 2020. Fanatics expanded into collectibles through its 2022 acquisition of Topps and handles official retail for European soccer clubs like Manchester United.
Founded
2002
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$3.5B (Dec 2022)
Valuation
$31B (Dec 2022)
Fanatics Valuation
Fanatics is currently valued at $31B, based on its undisclosed-stage round in December 2022.
The $700M round was led by Clearlake Capital, with participation from Silver Lake, Fidelity, SoftBank Group and LionTree.
Fanatics' valuation has grown 10x from $3.1B at its undisclosed-stage round in June 2013 to $31B in December 2022, across 7 priced rounds.
Fanatics valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2022 | Undisclosed stage | $31B | 8.9x |
| Mar 2022 | Undisclosed stage | $27B | 5.4x |
| Aug 2021 | Undisclosed stage | $18B | 5.1x |
| Mar 2021 | Undisclosed stage | $13B | 4.3x |
| Aug 2020 | Series E | $6.2B | - |
| Sep 2017 | Series D | $4.5B | - |
| Jun 2013 | Undisclosed stage | $3.1B | - |
Fanatics Revenue
Fanatics' latest recorded revenue is $3.5B, as of its undisclosed-stage round in December 2022. At a $31B valuation, that implies a 8.9x revenue multiple.
Revenue grew from $3B in March 2021 to $3.5B in December 2022, while the revenue multiple moved from 4.3x to 8.9x.
Fanatics revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2022 | $3.5B | $31B | 8.9x | Undisclosed stage |
| Mar 2022 | $5B | $27B | 5.4x | Undisclosed stage |
| Aug 2021 | $3.5B | $18B | 5.1x | Undisclosed stage |
| Mar 2021 | $3B | $13B | 4.3x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Fanatics Funding History
Fanatics has raised a total of $4.7B across 9 funding rounds.
Fanatics' first fundraising round was a $170M undisclosed-stage round in June 2013. The most recent completed round was a $700M undisclosed-stage round in December 2022.
Fanatics funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2022 | Undisclosed stage | Clearlake Capital (lead); Silver Lake; Fidelity; SoftBank Group; LionTree | $700M | $31B | Fanatics, a sports merchandising company expanding into betting and gaming, raised $700 million in a Series I funding round around December 6, 2022, led by Clearlake Capital with participation from Fidelity, LionTree, Silver Lake, and SoftBank Vision Fund. The investment, primarily in common stock, valued the company at $31 billion post-money and was earmarked for strategic M&A to support growth across divisions rather than operations. This followed a March 2022 raise of $1.5 billion at $27 billion valuation. New investors Clearlake and LionTree provided about two-thirds of the capital, with prior backers continuing support. Funds aim to accelerate global expansion, collectibles, and sports betting launches. |
| Mar 2022 | Undisclosed stage | National Football League (lead); Major League Baseball; Fidelity; DFO Management; Blue Pool Capital; Qatar Investment Authority; BlackRock; Major League Baseball Players Association; NHL; NFL Players Association | $1.5B | $27B | Fanatics, a sports merchandising giant evolving into a digital sports platform, raised $1.5 billion in a funding round closing around February 2022, led by the National Football League with participation from BlackRock, Fidelity, MLB, MLBPA, NFLPA, NHL, Qatar Investment Authority, and others. The round valued the company at $27 billion post-money, up 50% from its prior $18 billion valuation, with leagues and players' associations owning about 10% afterward. Fanatics projected $5 billion in revenue for 2022, a significant jump from $2.2 billion in 2017. The company operates in commerce (apparel and merchandise), collectibles (including Topps acquisition), NFTs via Candy Digital, and betting/gaming. This round supported expansion beyond core merchandising. Later rounds included a December 2022 $700 million raise at $31 billion valuation. Revenue grew to an estimated $3.5 billion in 2021 and $7 billion in 2023. |
| Jan 2022 | Series A | Alameda Research (lead) | $10M | - | - |
| Aug 2021 | Undisclosed stage | Major League Baseball; Silver Lake; SoftBank Group; TWG Sports Media & Entertainment; Eldridge Industries; Insight Partners; Roc Nation | $325M | $18B | Fanatics, a leading digital sports platform specializing in e-commerce for sports merchandise, secured a $325 million Series G funding round on August 10, 2021, from investors including Eldridge Industries, Insight Partners, Major League Baseball, Roc Nation, Silver Lake, SoftBank Vision Fund, and TWG Sports Media & Entertainment. The round valued the company at $18 billion post-money, reflecting a 40.6% increase from its March 2021 valuation and supporting expansion into new sectors like ticketing, media, NFTs, gaming, and sports betting. The company reported $3.5 billion in revenue for FY 2021 from its commerce business, achieving a 5.14x revenue multiple at the $18 billion valuation. Fanatics has aggressively pursued licensing deals with major leagues like NFL and MLB, which also invested in prior rounds, and expanded internationally while acquiring brands to scale its verticalized e-commerce model. Post-round, Fanatics continued rapid growth, with subsequent rounds in March 2022 ($1.5B at $27B valuation) and December 2022 ($700M at $31B valuation) funding strategic M&A, sports betting launch, and collectibles. By 2023, revenue was projected at $8 billion, building on a fan database exceeding 94 million and partnerships like Nike for college apparel and Tokyo Giants. |
| Mar 2021 | Undisclosed stage | Blackstone (lead); Putnam Premier IT (lead); Major League Baseball (lead); Neuberger Berman (lead); Silver Lake (lead); Fidelity; Thrive Capital | $320M | $13B | Fanatics, a leading sports merchandise e-commerce retailer founded in 1995 and now headquartered in Jacksonville and Philadelphia, raised $320 million in March 2021 from existing investors including Blackstone, Fidelity, Putnam Premier IT (via Franklin Templeton), Major League Baseball, Neuberger Berman, Silver Lake, and Thrive Capital, achieving a post-money valuation of $12.8 billion, more than double its prior valuation. The funding round was led by Silver Lake, Fidelity, Neuberger Berman, Franklin Templeton, Thrive Capital, Blackstone, and MLB, with proceeds earmarked for acquiring licensing rights, mergers and acquisitions, international expansion including entry into China, and scaling its vertical e-commerce model that integrates ownership, design, production, and distribution of exclusive sports merchandise. The company reported its best year ever in 2020, with global e-commerce sales up over 30% year-over-year in early 2021 and projected sales reaching $3 billion for the full year. Recent moves included acquisitions of college headwear brand Top of the World and sports merch company WinCraft, plus partnerships with Lids and Barnes & Noble Education for college websites and bookstores, enhancing its differentiated product offerings. Fanatics' executive chairman Michael Rubin emphasized building a global vertical commerce business immune to commoditization. Despite the surging valuation amid a hot IPO market fueled by pandemic-driven sales growth, Fanatics stated no immediate IPO plans, focusing instead on expansion. This round preceded further fundraising later in 2021, including $350 million in September and additional investments, culminating in an $18 billion valuation by year-end as it diversified into trading cards, NFTs via Candy Digital, sports betting, and blockchain. |
| Aug 2020 | Series E | Fidelity (lead); Thrive Capital (lead); Putnam Premier IT; Neuberger Berman | $350M | $6.2B | Fanatics, a leading US-based sports apparel and memorabilia e-commerce retailer backed by SoftBank and Alibaba, closed a $350 million oversubscribed Series E funding round on August 13, 2020, co-led by Fidelity Management and Thrive Capital, with participation from Franklin Templeton, Neuberger Berman, and Putnam Premier IT. The round increased the company's post-money valuation to $6.2 billion, up from $4.5 billion in its prior 2017 round led by SoftBank's Vision Fund. Goldman Sachs acted as placement agent, and the financing exceeded the initial $250 million target. Fanatics operates a multi-channel platform selling merchandise for major US sports leagues including NFL, MLB, NBA, NHL, MLS, and NASCAR, as well as European soccer clubs and over 300 teams, with expansions into esports. CEO Michael Rubin noted year-to-date e-commerce growth of 30% through mid-August 2020 despite five months without live sports due to Covid-19, with surges post-restarts: NBA over 100%, NHL over 200%, baseball 50%, and NFL 80% since January. This round marks the company's last private funding before a planned IPO, having raised about $1.5 billion total since 2011. Proceeds aim to accelerate rights acquisitions and M&A to expand divisions. Previous investments include $1 billion in 2017 from SoftBank with NFL and MLB adding $150 million, $170 million in 2013 from Alibaba and Temasek at $3.1 billion valuation, and $150 million in 2012 from Insight Partners and Andreessen Horowitz. Later rounds achieved higher valuations like $12.8 billion and $31 billion, but this 2020 Series E specifically matches the queried investors and date. |
| Sep 2017 | Series D | SoftBank Group (lead); Major League Baseball; National Football League | $1B | $4.5B | Fanatics, a Jacksonville-based sports e-commerce company that sells licensed apparel and fan gear for leagues and teams, closed a $1 billion funding round in September 2017 led by SoftBank Vision Fund, with participation from the NFL and MLB. The round valued the company at $4.5 billion post-money. Prior to this, Fanatics had raised roughly $600 million from investors including Insight Venture Partners and Silver Lake. The investment came from SoftBank's newly launched Vision Fund, highlighting the strategic relationship between Fanatics executive chairman Michael Rubin and SoftBank's Masayoshi Son, stemming from earlier dealings with Rubin's prior company GSI Commerce. Fanatics continued aggressive expansion, with later rounds reaching $18 billion valuation in 2021 and $27 billion in a subsequent NFL-led round. |
| Aug 2015 | Undisclosed stage | Silver Lake (lead) | $300M | - | Fanatics Inc., an e-commerce company focused on sports merchandise, sold a minority ownership stake to Silver Lake for $300 million in August 2015. The investment consisted entirely of primary shares, meaning existing investors retained their stock. At the time, Fanatics was majority-owned by Kynetic LLC, an eBay spinoff that also included Rue La La and ShopRunner, and had previously raised $320 million from Andreessen Horowitz and Insight Venture Partners in 2012, plus $130 million from Alibaba Group in 2014. The company originated as a brick-and-mortar retailer for Jacksonville Jaguars apparel before expanding into online sales of licensed products across major sports leagues. This Silver Lake deal marked a significant early institutional investment amid Fanatics' growth in sports merchandising. Subsequent funding rounds highlighted Fanatics' rapid scaling, including a $1 billion investment led by SoftBank in 2017 assisted by the NFL and NBA for global expansion, particularly in soccer. Later valuations reached $6.2 billion in 2020 after a $350 million round, $18 billion in 2021, and $31 billion in 2022 following a $700 million raise. |
| Jun 2013 | Undisclosed stage | Temasek; Alibaba Group | $170M | $3.1B | Fanatics, a US-based online sports apparel and memorabilia retailer, raised $170 million on June 6, 2013, from Alibaba Group and Temasek Holdings, achieving a post-money valuation of $3.1 billion. The company, majority-owned by e-commerce holding company Kynetic at the time, operated as the backbone for professional sports teams' websites, selling officially licensed jerseys, mugs, jackets, and other merchandise primarily online. Temasek gained a board seat as part of the investment. This round followed a $150 million equity funding from Insight Partners and Andreessen Horowitz in June 2012, which valued Fanatics at $1.5 billion. The 2013 investment highlighted growing investor interest in Fanatics' e-commerce platform, which spanned American and international sports merchandise. Fanatics continued aggressive growth post-2013, securing a $1 billion round in 2017 led by SoftBank’s Vision Fund at a $4.5 billion valuation, with investments from the NFL and MLB. Subsequent rounds included a $350 million Series E in 2020 at $6.2 billion led by Fidelity and Thrive Capital, additional funding in 2021 pushing to $18 billion, and a $700 million raise in 2022 reaching $31 billion. |
Who has invested in Fanatics?
25 investors have backed Fanatics across its funding rounds, including Fidelity, Silver Lake, Major League Baseball, SoftBank Group, Thrive Capital and Putnam Premier IT.
Lead investors include Clearlake Capital, National Football League, Alameda Research, Blackstone, Putnam Premier IT and 6 other investors.
Fanatics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Sep 2017 | ||
| 4 | Lead | Aug 2015 | ||
| 4 | Lead | Aug 2020 | ||
| 3 | Lead | Sep 2017 | ||
| 2 | Lead | Aug 2020 | ||
| 2 | Lead | Aug 2020 | ||
| 2 | Lead | Sep 2017 | ||
| 2 | Lead | Aug 2020 | ||
| 1 | Participant | Jun 2013 | ||
| 1 | Lead | Jan 2022 | ||
| 1 | Participant | Mar 2022 | ||
| 1 | Participant | Mar 2022 | ||
| 1 | Participant | Mar 2022 | ||
This data is available for Pro users. Sign up to see all 25 Fanatics investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Fanatics
Fanatics has acquired 10 companies to date.
Last acquisition by Fanatics was on July 26th 2026. Fanatics acquired Water Street Labs for undisclosed valuation.
Latest Acquisitions by Fanatics
| Description | Water Street Labs is a financial infrastructure provider that supplies technology supporting trading operations in capital markets. | CX Clearinghouse is a transaction intermediary that handles the completion, settlement, and risk assurance for financial deals. | Fexpro is a Netherlands-based wholesaler distributing licensed sports and apparel brand merchandise to retailers worldwide. The company manages product design, brand development, and supply chain logistics for official collectibles from leagues like UEFA Champions League and NFL. Fexpro sources from licensed manufacturers in Asia and Europe, offering items such as jerseys, accessories, and memorabilia through its B2B platform. | Epi is an Italian e-commerce and retail specialist in sports merchandise, particularly for professional soccer and basketball clubs. Headquartered in Milan, the company manages official stores for Serie A teams like AC Milan and Inter Milan, plus brick-and-mortar outlets in Rome, Turin, and Naples. Epi oversees product design, customization, event sales, and logistics for fan apparel, accessories, and memorabilia across Italy. | |
| HQ Country | - | - | |||
| HQ City | - | - | Panama City | Milan | |
| Deal Date | 26 Jul 2026 | 26 Jul 2026 | 13 Jun 2023 | 5 Apr 2023 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Fanatics acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Investments by Fanatics
Fanatics has invested in 1 company to date.
Latest investment by Fanatics was on September 30th 2025. Fanatics invested in Scorability in their $40M Undisclosed stage round.
Latest Investments by Fanatics
| Description | Scorability is a developer of a sports recruiting platform connecting high school athletes with college programs. The technology equips coaches with player scouting tools and assists student-athletes in navigating transparent recruitment processes. |
| HQ Country | |
| HQ City | Austin, TX |
| Deal Date | 30 Sep 2025 |
| Round | Undisclosed stage |
| Raised | $40M |
| Investors | Brian Cruver; Silverton Partners; Luther King Capital Management; Next Coast Ventures; Bluestone Equity Partners |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Fanatics investments and their VC round multiples. Start Free Trial | |
Fanatics Competitors
Fanatics competitors include listed companies like adidas, ANTA, Nike and Lululemon, and private ones like Vuori and Gymshark.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $29B | $3.6B | $29B | 1.1x | ||
| Publicly listed | $12B | $4B | $25B | 1.9x | ||
| Publicly listed | $46B | $4.6B | $54B | 1.2x | ||
| Publicly listed | $11B | $2.7B | $11B | 1.1x | ||
| Private | - | - | $5.5B | - | ||
| Private | $343M | - | $1.3B | 3.9x |
Fanatics Public Comps
Fanatics is still privately-owned, but its public comps include adidas, Kering, H&M, ANTA, Tapestry, NEXT, Shein, Ralph Lauren, ASICS and Titan Co..
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $29B | $3.6B | 1.2x | 1.1x | 9.6x | 8.5x | |||
| $17B | $3.5B | 2.7x | 2.7x | 12.9x | 10.3x | |||
| $23B | $4B | 1.3x | 1.3x | 7.6x | 7.4x | |||
| $12B | $4B | 2.1x | 1.9x | 6.2x | 6.4x | |||
| $8B | $2.1B | 3.2x | 3.2x | 12.2x | 12.5x | |||
| $9.3B | $2.2B | 2.7x | 2.6x | 11.5x | 11.6x | |||
| $42B | $2.3B | 0.2x | - | 3.5x | - | |||
| $8.1B | $1.4B | 2.6x | 2.5x | 14.8x | 12.9x | |||
This data is available for Pro users. Sign up to see all Fanatics competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Fanatics
| When was Fanatics founded? | Fanatics was founded in 2002. |
| Where is Fanatics headquartered? | Fanatics is headquartered in Jacksonville, FL, United States. |
| Is Fanatics publicly listed? | No, Fanatics is a private, VC-backed company. |
| What is Fanatics' valuation? | Fanatics was last valued at $31B in its undisclosed-stage round in December 2022. |
| How much funding has Fanatics raised? | Fanatics has raised $4.7B across 9 funding rounds. |
| What was Fanatics' last funding round? | Fanatics' last funding round was a $700M undisclosed-stage round in December 2022, led by Clearlake Capital. |
| Who are Fanatics' investors? | Fanatics' investors include Major League Baseball, Silver Lake, Fidelity, SoftBank Group, Putnam Premier IT, Neuberger Berman, National Football League, Thrive Capital, Temasek, Alameda Research and 15 others. |
| What is Fanatics' revenue? | Fanatics' latest recorded revenue is $3.5B (December 2022). |
| What is Fanatics' revenue multiple? | Fanatics' latest valuation implies a 8.9x revenue multiple ($31B valuation on $3.5B of revenue). |
| Which companies are comparable to Fanatics? | Companies comparable to Fanatics include adidas, ANTA, Nike, Lululemon, Vuori and Gymshark. |
| How many companies has Fanatics acquired? | Fanatics has acquired 10 companies, including Water Street Labs, CX Clearinghouse, Fexpro, Epi and Mitchell & Ness. |
| What was the largest acquisition by Fanatics? | The $500M acquisition of Topps Sports & Entertainment in January 2022 is the largest acquisition Fanatics has made to date. |
| How many companies has Fanatics invested in? | Fanatics has invested in 1 company, including Scorability. |
| What was Fanatics' last investment? | In September 2025, Fanatics invested in Scorability's $40M undisclosed-stage round alongside Brian Cruver, Silverton Partners, Luther King Capital Management and 2 other investors. |
See companies similar to Fanatics
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




