The new funding comes from Singapore state-owned investment company Temasek Holdings Pte. Ltd., and Alibaba Group Holding Ltd., Michael Rubin, chief executive of Kynetic LLC, the parent of Fanatics, told the Wall Street Journal. The funding will cover inventory requirements, international expansion, and a new warehouse in the Western U.S. A $35 million warehouse recently opened in Ohio.
Rubin, who sold GSI Commerce to eBay for $2.4 billion in 2011, said Fanatics’s sales would reach $1 billion in 2013, up from $800 million in 2012.
A source told the Journal the funding values the e-commerce website at $3.1 billion. The company raised $150 million last June from Andreessen Horowitz and Insight Venture Partners, giving it a $1.5 billion valuation.
Kynetic also owns private sales website RueLaLa and shipping membership website ShopRunner.
Related Links:
- http://stream.wsj.com/story/latest-headlines/SS-2-63399/SS-2-247534/
- GSI Commerce Acquired by Ebay in $2.4 Billion Deal
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