Fanatics has raised $350 million for its trading card company, Fanatics Trading Cards. The round values the new venture, which has yet to release any product, at $10.4 billion, according to sources familiar with the talks.
Josh Luber, co-founder of sneaker marketplace StockX, and 2016 SGB 40 Under 40 Award Honoree will join Fanatics Trading Cards, shown right.
Fanatics will own more than 80 percent of the company, with investors, sports leagues and players’ associations making up the rest, sources said. Investors in this round include private equity giant Silver Lake, talent agency Endeavor and VC firm Insight Partners, the source said.
Earlier this year, Fanatics Trading Cards secured long-term exclusive rights deals with several major sports leagues, including the MLB, National Football League Players Association (NFLPA) and the NBA.
The funding will be used to create a sports platform to expand the existing trading card offering for collectors, according to the source. The new venture is looking to leverage Fanatics’ existing customers to build out a sports commerce business, which operates across gaming, sports betting, media business units, and retail stores.
Photos courtesy Fanatics, Josh Luber
