Fanatics, an online retailer of officially licensed sports merchandise, has closed a $150 million equity investment. The funding was led by Insight Venture Partners, with participation from Andreessen Horowitz, and a $75 million line of credit led by Bank of America. The funds will also be used to support future growth of the business.
Fanatics has also completed its acquisition of Dreams. Following the close of the $183 million Dreams acquisition, the company will also operate offices in the suburbs of both Philadelphia and Chicago.
Fanatics provides e-commerce, merchandising, marketing and fulfillment services for professional sports leagues and teams, collegiate athletic programs and conferences, and other major sports properties. In addition to its own Fanatics and FansEdge brands, Fanatics operates licensed sports merchandise e-commerce sites for its partners, including major professional sports leagues, professional and collegiate teams, media sites and sports apparel manufacturers.