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Michael Rubin's fanatics are valued at $ 6.2 billion as of the ultimate Collection E funding spherical

Quavo performs on stage at the Michael Rubins Fanatics Super Bowl Party at the Loews Miami Beach Hotel on February 1, 2020 in Miami Beach, Florida.

Kevin Mazur | Getty Images

Michael Rubin's e-commerce powerhouse Fanatics increased its value from $ 4.5 billion to $ 6.2 billion after closing a $ 350 million Series E funding round, according to one person who is familiar with the company's transactions.

The person spoke to CNBC on condition of anonymity as the company has not yet made an announcement. Fanatics declined to comment when asked about the company's funding and revaluation, but Rubin will appear at CNBC's "Squawk Box" on Friday to discuss the deal.

The Wall Street Journal first reported on Fanatics' latest funding round, which the person claims was only $ 250 million. With Fanatics' e-commerce activity up 30% this year – which the company has confirmed – investors "nearly oversubscribed" the company's Series E funding, the person told CNBC.

The investment round was led by Fidelity, Thrive Capital, with the participation of Franklin Templeton and Neuberger Berman. Goldman Sachs was the exclusive broker for the transaction.

Both the National Football League and Major League Baseball benefited from the company's higher valuations. Both leagues together invested $ 150 million in fanatics in 2017. This new round of funding increases its stake in Fanatics by $ 100 million.

The company, which posted sales of $ 2.5 billion in 2019, plans to use the new funds to accelerate its V-Commerce strategy through additional rights acquisitions and mergers and acquisitions. The round of funding will be the final funding as a private company, and Fanatics' next announcement is believed to be an IPO, although a schedule has not yet been set.

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