Fanatics valuation hits $31 billion after $700 million investment round

Michael Rubin’s sports platform company Fanatics has raised $700 million in fresh capital, pushing its value to $31 billion, according to people familiar with the matter.

The company plans to use the new money to focus on potential merger and acquisition opportunities across its collectibles, betting and gaming businesses, one of the people said.

Fanatics declined to comment.

The round was priced and led by a new investor, Clearlake Capital, in addition to LionTree. The existing investors in the new raise include Silverlake, Fidelity, and Softbank.

Fanatics was previously valued at $27 billion. In March, the company raised $1.5 billion led by Fidelity and Blackrock and Michael Dell’s MSD Partners.

Fanatics has seen rapid growth over the past year. What began as an e-commerce company selling sports gear has evolved into a sports powerhouse that has collected a database of more than 94 million fans.

The Florida company has expanded into the collectables business through its purchase of Topps in January and will enter the very crowded sports betting space next year.

This story is developing. Check back for updates.