Funko, the makers of Pop! collectable action figures, is filing an initial public offering that aims to reach $100 million.
Funko, which opened its first brick-and-mortar store earlier this year at its Everett headquarters, announced today that it is filing a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering of its Class A common stock.
You can see that filing here.
The company said in its announcement that the “number of shares to be offered and the price range for the offering have not yet been determined.” If approved, Funko would be trading on NASDAQ under the ticker symbol “FNKO.”
In all likelihood, you’ve seen Funko’s Pop! figures, and if you’re big on collectables, you probably have a few. You might even have one sitting next to you on your desk right now. There’s even a bunch of Pacific Northwest-related Pop! Figures that our friends at Seattle magazine wrote about (which you can see here).
In the filing, the company pointed to strong growth in recent years, with net sales growing from $107 million in 2014 to $427 million in 2016.
“Our financial performance reflects the strong growth of our business,” the filing reads. “From 2014 to 2016, we expanded our net sales, net income and Adjusted EBITDA at a 100%, a 17% and an 86% compound annual growth rate, or CAGR, respectively. We achieved this growth without reliance on a singular “hit” property as no single property accounted for more than 15% of annual net sales during that period. We believe our strong growth and profitability reflect our pop culture consumer products leadership.”
In 2015, Funko received a majority investment from Washington, D.C.-based ACON Investments, L.L.C, a diversified international private equity firm. Three of the seven seats on Funko’s board of directors are members of ACON, including chairman of the board of directors Ken Brotman, founder and managing partner at ACON Investments
Also this week, Funko announced three executive promotions. Andrew Perlmutter, SVP of sales has been promoted to president, Johanna Gepford has been promoted to SVP of global sales, and Jaime Beckley has been named VP of Sales.