Conshohocken-based Kynetic, an Internet commerce holding company, had one of its e-commerce companies, Fanatics, reach a valuation of $12.8 billion last week after securing a new round of investment totaling $320 million. Fanatics has more than doubled in value since August when its valuation was $6.2 billion. Kynetic was founded by Michael Rubin who grew up in Lafayette Hill and graduated from Plymouth Whitemarsh High School.
Rubin shared on Instagram two posts about the deal. The first was the headline from The New York Times article about the new valuation. The second was a video of an interview he did with Joe Kernen on CNBC’s SquawkBox. In the interview, Rubin discusses the latest deal, NFT’s, how Fanatics will continue to grow, and China.
Disclosure – Rubin is an investor in Burb Media, the parent company of MoreThanTheCurve.com.
Photo: Screengrab from CNBC’s video