Companies · Gaming

Fanatics Holdings, Inc.

NEW YORK · Gaming · refined from filed group “Other Technology · https://www.fanaticsinc.com/

Diligence memoA one-page analyst read on Fanatics Holdings, Inc. — recommendation, valuation, rhythm, risks.
$3.4B
Total raised · real
6
Rounds
0.4×
Latest step-up
Top 1%
Sector rank · raised
Growth/Late
Latest stage · inferred · Mon Oct 24 2022 00:00:00 GMT+0000 (Coordinated Universal Time)

Fanatics Holdings, Inc. has raised $3.4B over 6 rounds; too few niche peers to rank its valuation yet.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the gaming sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

At-risk
  • Last raise 3.7 yr ago; this sector typically re-raises about every 12 months.
  • Past due for a raise versus sector cadence — watch for distress or a bridge.

Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.

Issuer-vehicle patternmedium confidence

Fanatics Holdings, Inc. behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.

Issuer structure
Company-like
No recurring-offering pattern strong enough to override normal financing interpretation.
Lifecycle
14.1 yr record
Peak capital year was 2021 with $2.5B across 4 filings.
Market position
ahead of 100% of Gaming peers
Capital scale is ahead of 100% of Gaming peers; modeled value is above 100% of peers by modeled value. Large capital with mid-pack modeled value can signal an issuer/program profile rather than operating-company growth.
Valuation reliability
Normal applicability
Stage/dilution valuation models are weakest when the issuer is broad-sector, recurring, or vehicle-like.
Operating evidence
Some evidence
No clear CEO/founder/principal role is surfaced, so operating-company confidence is lower.
Data quality
Needs review
Row-level filing totals differ from canonical totals, so amendment/superseded filtering should be checked.
What triggered this
  • Legal name looks like an issuer vehicle rather than a product company.
  • No clearly named CEO/founder/principal role in the public records surfaced here.
  • Capital program peaked in 2021: $2.5B across 4 filings.
  • Largest single filing was $1.5B on 2021-12-15.
  • Filing rows sum to $4.1B, while canonical raised total is $3.4B; likely amendments/superseded rows are mixed into the detail view.
How to read the page
  • Read this less like a startup funding journey and more like a capital-raising program.
  • Stage-based valuation and peer labels have lower applicability for this pattern.
  • The more important signal is lifecycle: repeated filings ended years ago, so current activity needs outside confirmation.
  • Canonical filtering should be tightened before using row-level totals for diligence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Gaming

Fanatics Holdings, Inc. is one of 344 Gaming companies tracked from NEW YORK. By capital raised it ranks among the largest (ahead of 100% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

AI analyst read est. — model-extracted from this company's public description, not a verified fact. 30%

operates a technology-led product inferred from public copy

Grounded in: “You are a venture analyst

Fanatics offers the broadest assortment of fan merchandise and memorabilia worldwide.

Fanatics offers the broadest assortment of fan merchandise and memorabilia worldwide. Fanatics is a leading global digital sports platform redefining how fans connect with the teams, players, and moments they love. Our businesses – Fanatics Commerce, Fanatics Collectibles, Fanatics Gaming, Fanatics Fest, Fanatics Markets, Fanatics Advertising, Fanatics Credit Card and Fanatics Studios – maximize the presence and reach for hundreds of partners globally and create a one-stop experience that allows fans around the world to buy, wager, collect and engage with their favorite sports in deeper, more immersive ways. This includes licensed fan gear and lifestyle products, sportsbook, iGaming and prediction market platforms, physical and digital trading cards, live events, premium sports entertainment content, and more. Together, they form a powerful, integrated ecosystem delivering personalized experiences to over 100 million fans worldwide. Fanatics holds partnerships with over 900 sports properties, from professional leagues and players’ associations to teams, colleges, and retail partners; over 6,000 athletes and celebrities; and over 2,000 retail locations, including all Lids retail sto

gaming
Find Fanatics Inc online

Trades publicly as Fanatics Inc.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
13
Investors (latest)
2022-10-24
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$12.5B$25.0B$37.5B$50.0BSeries D+ · 2012-06-06 Raised $150M (real) Modeled valuation $3.1B (est)Series D+2012Series D+ · 2020-08-13 Raised $350M (real) Modeled valuation $7.0B (est)Series D+2020Series D+ · 2020-08-13 Raised $350M (real) Modeled valuation $7.0B (est)Series D+2020Series D+ · 2021-04-29 Raised $323M (real) Modeled valuation $5.6B (est)Series D+2021Series D+ · 2021-04-29 Raised $323M (real) Modeled valuation $5.6B (est)Series D+2021Series D+ · 2021-08-27 Raised $337M (real) Modeled valuation $5.5B (est)Series D+2021Growth/Late · 2021-12-15 Raised $1.5B (real) Modeled valuation $25.5B (est)Growth/Late2021Growth/Late · 2022-10-24 Raised $685M (real) Modeled valuation $9.9B (est)Growth/Late2022+$350M+$350M+$323M+$323M+$337M+$1.5B+$685MCumulative $4.1B

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series D+$150.0M · 2012
Series D+ extension$350.0M · 2020
Series D+ extension$350.0M · 2020
Series D+ extension$322.6M · 2021
Series D+ extension$322.6M · 2021
Series D+ extension$336.6M · 2021
Growth/Late$1.5B · 2021
Growth/Late extension$685.5M · 2022

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A, Series B, Series C — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 29%.

Modeled valuation trajectory
$9.9B
Base estimate est.
$4.7B
Conservative case
$14.6B
Upside case
$6.9B
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Growth/Latea round over $400M). Valuation is modeled from stage benchmarks scaled by the gaming sector profile. Directional, not a quoted figure.

Series D+ · modeled $3.1B · 2012-06-062012Series D+ · modeled $7.0B · 2020-08-13Series D+ · modeled $7.0B · 2020-08-13Series D+ · modeled $5.6B · 2021-04-29Series D+ · modeled $5.6B · 2021-04-29Series D+ · modeled $5.5B · 2021-08-27Growth/Late · modeled $25.5B · 2021-12-15Growth/Late · modeled $9.9B · 2022-10-242022
Model inputs · modeled:benchmark-stage-stepup-v1
10%
Dilution assumption
Implied ownership sold in the financing.
79%
Survival probability
69% low · 85% high
1.18×/yr
Annual markup
1.28×/yr upside case
3.7 yr
Elapsed time used
3.7 yr actual, capped for stale marks
gaming
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
18 mo
Avg between rounds
$326.0M/yr
Capital velocity
14.1 yr
On record since
2012
First round
8
Rounds on file
How it compares to the market

Benchmarked against 344 companies in Gaming. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 1253× above median
This company$3.4B
Sector median$2.7M
Latest round — vs other Growth/Late rounds in sector (real $, this stage) 1.0× above median
This company$685.5M
Sector median$685.5M
Modeled value — vs sector median (estimate, all stages) 433× above median
This company$9.9B
Sector median$22.8M

Raised more than 100% of sector peers (real $). Modeled value above 100% of peers (estimate).

Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series D+$150.0M2012-06-06$1.3B$3.1B85%
Series D+$350.0M2020-08-13$2.9B$7.0B90%
Series D+$350.0M2020-08-13$2.9B$7.0B90%
Series D+$322.6M2021-04-29$2.7B$5.6B90%
Series D+$322.6M2021-04-29$2.7B$5.6B90%
Series D+$336.6M2021-08-27$2.8B$5.5B90%
Growth/Late$1.5B2021-12-15$15.4B$25.5B90%
Growth/Late$685.5M2022-10-24$6.9B$9.9B90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series D+$150.0M2012-06-06
    • First recorded raise — entered as Series D+.
    • 8 investors on this round.
  2. Series D+$350.0M2020-08-13
    • Raised again after 98 mo — slower than the ~12 mo sector norm.
    • Round 2.3× larger than the prior — scaling up.
    • Switched to Rule 506(b) (was Rule 06).
    • 35 investors on this round.
  3. Series D+$350.0M2020-08-13
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 35 investors on this round.
  4. Series D+$322.6M2021-04-29
    • Raised 9 mo later, in step with the ~12 mo sector norm.
    • Round roughly the size of the prior one.
    • 28 investors on this round.
  5. Series D+$322.6M2021-04-29
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 28 investors on this round.
  6. Series D+$336.6M2021-08-27
    • Came back fast: 4 mo vs the ~12 mo sector norm.
    • Round roughly the size of the prior one.
    • 17 investors on this round.
  7. Growth/Late$1.5B2021-12-15
    • Came back fast: 4 mo vs the ~12 mo sector norm.
    • Round 4.6× larger than the prior — scaling up.
    • 64 investors on this round.
  8. Growth/Late$685.5M2022-10-24
    • Raised 10 mo later, in step with the ~12 mo sector norm.
    • Round 2.2× smaller than the prior — bridge or down round.
    • 13 investors on this round.
Intelligence
2024 ~Q2
Modeled next raise · ~18mo cadence
$685.5M
Modeled next size est.range $685.5M$1.1B
0.4×
Last step-up
$326.0M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Deven Parekh20 other2020-08
Michael Rubin7 other2012-06
GREG MONDRE4 other2020-08
F. Douglas Mack2 other2020-08
Michael G. Rubin2 other2020-08
Ronald Fisher2 other2020-08
Glenn H. Schiffman1 other2020-08
Michael Bingle1 other2020-08
Michael R. Conn1 other2021-04
Mindy Grossman1 other2020-08
Mukul Chawla1 other2020-08
Alan Trager2012-06
Brent Trager2012-06
Caren G. Yeamans2020-08
Caren R. Yeamans2021-04
Caren Yeamans2020-08
Deven G. Parekh2020-08
Deven R. Parekh2021-04
Earvin R. Johnson, Jr.2021-04
Gerald G. Storch2020-08
Gerald Storch2020-08
Greg G. Mondre2020-08
Greg R. Mondre2021-04
Jonathan H. Mildenhall2021-12
Registry & provenance

Fanatics Holdings, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1547955
SEC CIK
Recent activity

Discovered from fanaticsinc — the partnerships, launches, hiring and press it publishes about itself. Evidence the company is alive and what it is doing now, not financial data.

Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Fisker Automotive Holdings, Inc.ManufacturingGrowth/Late$2.9B$1.2Bnetwork1 shared operator · same stage
Igloo Holdings CorpOtherGrowth/Late$1.4B$157.2Mnetwork1 shared operator · same stage
SharpLink Gaming, Inc.GamingGrowth/Late$425.0M$4.0Bsame sector · same stage
Fanatics TC Holdco, Inc.OtherSeries D+$347.0M$5.0Bnetwork2 shared operators
MB Parent Holdco, L.P.OtherGrowth/Late$917.1M$16.2Bnetwork1 shared operator · same stage
Insight MB Holdings, LLCOtherGrowth/Late$680.1M$12.1Bnetwork1 shared operator · same stage
Sabre CorpOther TechnologyGrowth/Late$645.5M$21.0Bnetwork1 shared operator · same stage
We Co.OtherGrowth/Late$600.5M$33.6Mnetwork1 shared operator · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Fanatics TC Holdco, Inc.OtherSeries D+$5.0B78%
Affiliated Sports Fans, LLCSports & FitnessPre-Seed$11.0M74%
Fan Owned Club, Inc.OtherPre-Seed$7.8M74%
Fanchise League Co LLCOtherSeries A$227.0M73%
FanXchange LtdRetailingSeed$12.6M73%
Fanfactor IncOtherPre-Seed$3.5M73%
Fanbasis Inc.OtherSeries B$98.9M73%
Collectable Sports Assets, LLCSports & FitnessPre-Seed$1.4M73%
Frequently asked
How much funding has Fanatics Holdings, Inc. raised?
Fanatics Holdings, Inc. has raised approximately $3.4B in disclosed capital across 6 recorded financing rounds, aggregated from public filings.
What is Fanatics Holdings, Inc.'s estimated valuation?
Provath's modeled valuation for Fanatics Holdings, Inc. is approximately $9.9B (modeled range $4.7B–$14.6B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Fanatics Holdings, Inc. at?
Fanatics Holdings, Inc.'s latest modeled financing stage is Growth/Late. Its most recent recorded round closed around Mon Oct 24.
What does Fanatics Holdings, Inc. do and where is it based?
Fanatics Holdings, Inc. operates in the Gaming sector, based in NEW YORK. Fanatics offers the broadest assortment of fan merchandise and memorabilia worldwide.
Explore related

See where Fanatics Holdings, Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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