Fanatics Inc., the $800 million (estimated 2012 sales) sports-apparel arm of Michael G. Rubin's Conshohocken-based online retail holding company Kynetic, says it has raised $150 million from venture investors Insight Venture Partners and Andreessen Horowitz, plus a $75 milllion line of credit for future expansion, in connection with its planned acquisition of Florida-based rival Dreams Inc., which closed today, Fanatics president Jamie Davis told me.
This sale of a 10 percent stake in Fanatics implies a value for the company of $1.5 billion.
Andreessen Horowitz is a venture capital firm created by Netscape co-founder Marc Andreessen and Opsware co-founder Ben Horowitz.
"We've invested a ton in our infrastructure, our technology and our investory," said Davis. Among other planned additions: new "fulfillment and regional distribution centers" in other parts of the U.S., added to Jacksonville-based Fanatics' existing Kentucky warehouse, which employs up to 3,000 during its pre-Christmas peak sales season.