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ports merchandise company, Fanatics, has reportedly reached a $8.6 billion valuation after its latest funding round saw Fanatics raise a further $486 million.

In preparation of the online retailer going public, Fanatic held a ‘Series E’ funding round, which according to the Wall Street Journal (WSJ), closed on August 13 and will be the last round of financing for Fanatics as a private company.

WSJ reported through 2019, Fanatics generated revenues of around $3.47 million and saw a rise of 30% in ecommerce operations.

The reports indicated Fanatics had originally planned to raise $347 million from the funding round, but the deal was oversubscribed.

Even through the COVID-19 pandemic, Fanatics has reported a consistent rise in ecommerce gains, as the company prepares to go publicly traded, with no official timetable released for the move.

The funding is expected to boost Fanatics’ rights acquisition strategies, after just last month announcing their first deal with an individual athlete.

According to reports from CNBC, the added funding was led by Fidelity and Thrive Capital, with contributions from both Franklin Templeton Investments, and Neuberger Berman Group LLC.

The growth of Fanatics has recently been helped by investments from the NFL and MLB, who both joined together in 2017 to invest $208 million.