WSJ: Kynetic's Fanatics.com raises $170 million at $3.1 billion valuation
Tom Paine
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Fanatics.com has raised $170 million, the Wall Street Journal is reporting (subscription required) , quoting Michael
Rubin, Chairman & CEO of Conshohocken-based Kynetic LLC, which owns a majority stake in Fanatics.com
The Journal cites a source as saying the round doubles Fanatics.com's valuation to $3.1 billion.
Rubin told the Journal he expected Fanatics to reach about $1 billion in revenue this year, up from about $800 million last year and $600 million in 2011.
Fanatics.com is a leading online retailer of licensed sports merchandise. It is based in Jacksonville, FlA.
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