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Funko Gets a $236 million investment from Chernin Group, Bob Iger and Rich Paul

Funko

The toy business must be booming. A group of individuals is investing $263 million into Funko, the pop culture/toy/apparel brand. That will provide them with a 25% stake.

The investment is being led by The Chernin Group, with eBay and Rich Paul. Also involved are Jesse Jacobs who will get a seat on Funko’s board and former Disney CEO Bob Iger. Iger and Paul will serve as advisors to the board. Paul will help Funko expand further into music and sports.

Chernin said in a statement:

We believe Funko is significantly undervalued in the public markets and at this highly attractive entry price provides a runway of opportunity and growth potential. There are many areas of identifiable growth across content, commerce, marketplaces, consumer products and technology that should drive substantial increases to Funko’s performance.

Funko has expanded heavily in popculture and what once was “bobbleheads” of comic characters has expanded further into sports, music, anime, movies, and more including clothing and board games. The company’s first manufactured bobblehead was of the well-known restaurant icon, the Big Boy mascot.

Funko was founded in 1998 by Mike Becker and went public in 2017. Its revenue was $653 million in 2020.

(via The Hollywood Reporter)

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