Fanatics Trading Cards Raises $350M, Valued at $10.4B

Fanatics’ trading card company is off to a flying start, raising $350 million at a $10.4 billion valuation. 

The Series A round for the spinoff company came from Silver Lake, Insight Partners, and the holding company for UFC-owner Endeavor. The three investors collectively secured an approximate 3.4% stake in the new company. 

Just weeks old, Fanatics Trading Cards is now valued eight times higher than the $1.4 billion valuation of 83-year-old Topps ahead of its planned SPAC merger. The merger was called off when Topps lost its licensing deal with MLB to Fanatics in August.

• Fanatics Trading Cards will make baseball cards starting in 2023.
• It will replace Panini as the NBA’s card maker in 2026.
• It has a 20-year licensing deal with the NFLPA starting in 2026.

The NBA, NBPA, MLB, MLBPA, and NFLPA will all hold stakes in the new company.

Fanatics isn’t done venturing into sports-related industries: It is looking into acquiring a sportsbook and has held talks with Betsson and Rush Street Interactive. Fanatics has also said it is interested in breaking into the ticketing industry.

The company raised $325 million at an $18.4 billion valuation in August, tripling its value over the previous year. The NFL bought a 3% stake in the company in 2017 for $95 million.