Unrivaled hits $650M valuation with star-studded Series C
What's the deal? Unrivaled, the 3×3 women's professional basketball league, has closed an oversubscribed Series C round at a $650 million valuation. Ten Pillars Sports Fund, backed by UC InvestmentsDealroom has a profile for this one. Try Dealroom →, led the raise, joined by fintech entrepreneur Jenny Just and reinvestments from Alex MorganDealroom has a profile for this one. Try Dealroom →, Carmelo AnthonyDealroom has a profile for this one. Try Dealroom →, Bessemer Venture Partners, Ashton KutcherDealroom has a profile for this one. Try Dealroom →, and Trae YoungDealroom has a profile for this one. Try Dealroom →, among others.
Who's behind it? Co-founded in 2023 by WNBADealroom has a profile for this one. Try Dealroom → stars Napheesa Collier and Breanna Stewart, the league concentrates most of its ownership among its players. After the round, the player equity pool stands at $200 million.
What's the money for? Chief executive and co-founder Alex Bazzell said the raise will fund expansion beyond Miami, where the league stages most games in a custom-built arena seating about 1,000. Its third season stays in Miami, but Bazzell was unclear whether it would remain there afterward.
Why now? Last winter, Unrivaled drew sellout crowds at Brooklyn's Barclays CenterDealroom has a profile for this one. Try Dealroom → and Philadelphia's Xfinity Mobile Arena, topping 18,000 and 21,000 respectively. Tour stops are expected to be announced in September.
What's the endgame? A road-and-home hybrid model. "We'll start the season on the road, and we'll end the season on the road," Bazzell said. He added that the league will "always" keep one primary home — "100%" in a warm-climate city for its winter season.
The signal: The investor roster is the story. Alongside earlier backers such as Giannis Antetokounmpo, Stephen Curry, Billie Jean King, Coco Gauff, and Warner Brothers DiscoveryDealroom has a profile for this one. Try Dealroom →, the Series C lineup signals deepening institutional and celebrity conviction in women's professional basketball as a commercial bet.
Read more: sportico.com
Image credit: Generated with Gemini
