Sports platform company Fanatics has raised $700m in fresh capital, pushing its value to $31bn, according to people familiar with the matter. The company plans to use the new money to focus on potential merger and acquisition opportunities across its collectibles, betting and gaming businesses. The round was priced and led by Clearlake Capital and LionTree. Existing investors include Silver Lake, Fidelity and Softbank. Fanatics was previously valued at $27bn.
