Investor Group Including Ex-Disney CEO Buys $263M Stake in Pop Brand Funko

Multi-stage investment group The Chernin Group (TCG) will be investing $263 million in Funko, according to a Thursday (May 5) press release.

TCG is known for “building and growing” consumer businesses seeing popularity in the media, commerce and tech industries. The investment will see Funko and eBay entering into an agreement, where eBay will be the new preferred secondary market for Funko, and the companies also plan to partner on new product releases.

Former Disney Chairman and CEO Robert Iger also invested, and will act as an advisor to the Funko Board. The press release noted that TCG thinks the investment will help boost Funko’s status as a leader in the pop culture collectibles space.

Additionally, the release said Funko’s goals include maximizing its business by expanding its intellectual property into new content, expanding its adjunct categories — including through acquisitions — and growing its business, including through international markets.

“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,” said Peter Chernin, TCG co-founder and partner. “There are many areas of identifiable growth across content, commerce, marketplaces, consumer products and technology that should drive substantial increases to Funko’s performance.”

Meanwhile, Funko CEO Andrew Perlmutter said it was a “very exciting” time to be a part of the company, and said the support made the company “even better positioned to continue developing great products that delight our fans and broadening our base through expanded offerings and new categories.”

Last year, PYMNTS wrote that TCG became one of the investors in Oura, a FinTech wearables maker.

See also: Oura Sleep Rings And The Expanded Future Of Wearables

Oura boasted high profile users and deals with the NBA, NASCAR, UFC and Formula One. Oura’s services offer a wedding-size ring which can track heart rate, which is crucial for an athlete’s health, and body temperature, which can be an indicator of infection.

Oura’s first version of its product was a way to measure sleep, but the company has expanded its offerings with additional investments and innovation.