American online manufacturer and retailer Fanatics Inc has raised $700 million at a valuation of $31 billion in a funding round led by investors, including Clearlake Capital Group. Multiple other investors who participated in the round included SoftBank Group Corp, Silver Lake Management and Fidelity Management.

Prior to this investment, the company achieved a valuation of $1.5 billion after bagging $27 million in funding in March.

The highly-valued deal came at a time when the global economy has been facing hardships. Companies are firing employees as a cost-cutting measure to keep their business on the profitability track and start-ups are struggling to receive funds at a proper valuation. 

Fanatics Inc will utilise the proceeds of the investment round in strategic merger and acquisition deals. Under the leadership of CEO Michael Rubin, it has been pushing itself hard to expand in multiple areas beyond its core business. As a part of this development, the company has announced its plans to launch a sports betting and gaming business in 2023.

Last year, it launched a trading-card business platform called Fanatics Collectibles. The subsidiary business earned a valuation of $10.4 billion after bagging an investment of $350 million in a funding round in September 2021. In early 2021, the company declared the acquisition of Topps.Co in an exchange for $500 million. 

Apart from the merger and acquisition, the company is also extending partnerships with brands popular in the world of sports. In 2021, it entered into a long-term deal with Nike to include the manufacturing and distribution of merchandise for Yomiuri Giants, CNBC 18 reported.