According to the Wall Street Journal, Fanatics, Inc. raised about $700 million from a group of investors, supporting a valuation of $31 billion.

About two-thirds of the funding came from new investors, including private-equity firm Clearlake Capital Group LP, which led the round, and investment and merchant-banking firm LionTree, LLC. Existing investors, including Silver Lake, Fidelity Management & Research Co. and SoftBank Group Corp., participated.

Proceeds will be used for M&A to support growth across Fanatic’s divisions, including establishing its to-be-launched sports betting and gaming business.

Sources told the WSJ that Fanatics still plans to complete an IPO once the new-issue market reopens and some of its newer business lines are more established.

In March, Fanatics secured a $27 billion valuation in a $1.5 billion capital raise.

 Photo courtesy Fanatics