Unrivaled, the Miami-based 3-on-3 women’s basketball league founded by WNBA stars Breanna Stewart and Napheesa Collier in 2023, has raised more than $100 million in a Series C funding round, pushing its valuation to $650 million as the league prepares for its third season.
The round, announced today, was led by Ten Pillars Sports Fund, which is backed by UC Investments. The financing was oversubscribed, and nearly doubles the league’s $340 million valuation from its Series B round last year, the company said.
The new investment also includes Jenny Just and returning investors Carmelo Anthony, Geno Auriemma, the Berman family, Bessemer Venture Partners, Ashton Kutcher, Alex Morgan and Trybe Ventures, Dan Rosensweig and Trae Young.
Unrivaled’s latest financing is notable not only for its size but for the league’s emphasis on athlete ownership. Players remain its largest shareholder group, with their equity pool now valued at nearly $200 million, an increase of more than 550% since the league’s inception. That represents roughly 30% of the league’s current valuation, according to Front Office Sports.
“This raise reflects the confidence investors have in what we set out to build at Unrivaled: a league where the best players in the world have a real stake in the value they create,” said Stewart, in the announcement. “Moving forward, this investment gives us even more resources to support our players, elevate the experience for fans, and grow a league that is shaping the future of women’s basketball.”
The capital comes after a strong second season for Unrivaled, which expanded to eight clubs and 54 players. The league also began taking games outside its Miami home, selling out Xfinity Mobile Arena in Philadelphia and Barclays Center in Brooklyn. The Philadelphia games drew 21,490 fans, setting a record for a regular-season professional women’s basketball game and for an event at the arena, according to media reports.
The league has also seen substantial commercial growth. Unrivaled generated about $45 million in revenue during its second season, up from $27 million in its inaugural campaign. The new funding is expected to support further expansion of the league’s Miami operation and increase the number of road events.
Unrivaled CEO and co-founder Alex Bazzell said the financing will help the league expand its impact across women’s basketball while continuing to invest in players and the fan experience. “We’re partnering with investors who share our vision to create lasting value and greater opportunity for the best players in the world, while continuing to elevate the game for fans,” he said in a statement.
For investors, the rapid increase in valuation reflects the broader surge of interest in women’s sports. Unrivaled launched in 2025 with a player-first model designed to give athletes both salaries and an ownership stake, creating a different economic structure from traditional professional sports leagues. That ownership stake was a big contributurot for the lead investor’s decision to invest.
“The moment for women’s sports is here,” said Jagdeep Singh Bachher, UC Investments’ chief investment officer. “Young people get it. We get it. Anyone who’s watched Unrivaled knows this game is every bit as thrilling as any other sport out there. We’re excited to help propel that momentum forward.”
The league’s third season is scheduled to begin in January 2027, with games airing nationally across TNT Sports. The 2026 season will be Unrivaled’s last at Sephora Arena in Medley, outside of Miami, Bazzell told The Athletic. He declined to say where the league will be long term but said the plan is to build “a more innovative space” for the athletes and fans.
The funding round is the first mega-round of the third quarter for South Florida and at least the 8th megaround this year, according to Refresh Miami’s reporting of venture capital activity in the tri-county area. It also gives a lift to funding of female-founded startups, which fell back sharply last year in South Florida.
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