Fanatics, a sports merchandise company, raised $325 million in funding to expand into new markets under its parent company’s umbrella. According to CNBC, it is now worth $18 billion.
The Florida-based e-commerce company intends to focus on revenue streams other than merchandising. The division will be led by Fanatics Chairman Michael Rubin, who will also serve as CEO. According to The Wall Street Journal, Fanatics expects to make $3.4 billion in revenue this year.
Fanatics is looking for new opportunities, such as sports betting, which explains why it has been hiring new executives. Fanatics hired former IAC chief financial officer Glenn Schiffman last month to play a key role in expanding into new sectors such as gaming and new ticketing models.