Global online sports retailer Fanatics has reached a whopping valuation of $18 billion thanks to some big time investors.
CNBC reports that the sports e-commerce merchandise company has secured an additional $325 million in its latest round of funding to help expand its online offerings. Some of its many investors include Jay-Z and the rapper’s entertainment company, Roc Nation. Other major investments in the platform come from companies like MLB, SoftBank, Silver Lake, Eldridge, TWG Sports Media & Entertainment, and Insight Partners.
According to The Wall Street Journal, Fanatics says that it expects to rake in $3.4 billion in revenue this year — a major increase from $2.6 billion in 2020 — and with its new valuation it may just reach that goal. For everyone involved, including Jay-Z, an investment in Michael Rubin’s Fanatics could mean supporting the future of sports merch as we know it beyond apparel and memorabilia. The company’s next move is to transform itself into a digital platform and its starting with its own nonfungible token (NFT) company, Candy Digital.
Jay-Z’s lineup of investments lately is nothing short of showing support and interest in what the future may hold across various sectors like media, music, entertainment, cannabis, education, housing and more. As previously reported by AfroTech, the music and business mogul and his staple company have forayed into backing companies like the Certified Collectibles Group (CCG) — which was recently acquired by investment firm Blackstone — as well as Black woman-owned cannabis speakeasy Josephine and Billie’s.
Moreover, the billionaire icon is said to be dipping into the cryptocurrency space with the recent purchase of tokens from Sensorium — which is aiming to fuse blockchain cryptocurrency tech with virtual reality. Not only that, Roc Nation recently announced the co-launch of its own multimedia platform called “EDITION by Modern Luxury” created to “amplify and elevate voices that are shaping popular culture.”
With a hand in every pot, Jay-Z is betting smart when it comes to the companies he’s investing in, and that just might be the secret to his money-making moves.