Upstart basketball league Unrivaled recently closed its Series A investment round, bringing in $28 million just ahead of the January debut of the 3-on-3 women’s competition.
Don Berman and his family led the round, which included investment from NBA champion Giannis Antetokounmpo, Fenway Sports Group partner Linda Henry, former Milwaukee Bucks owner Marc Lasry, Olympian Michael Phelps, South Carolina women’s basketball coach Dawn Staley and USC sophomore guard JuJu Watkins.
Warner Bros. Discovery, which previously signed a broadcasting deal with Unrivaled, also joined the cap table, along with NBA player Joe Ingles and former NBA All-Star Richard Hamilton, among others. Financial terms of the investments were not disclosed.
“What’s been great about the second round is, we’ve been selective,” Unrivaled president Alex Bazzell said. “If you would’ve asked me a year-and-a-half ago if we’d be turning down people from investing, I would be like, ‘Well, no’ … but that was the reality.”
Bazzell said Unrivaled prioritized those connected to existing sports properties as it finalized the oversubscribed round. The league is looking at expanding beyond this year’s single site in Miami, with the potential for individual team sales down the line. Unrivaled has also been active in the sponsorship market, including recently announced deals with State Farm and Under Armour.
“You need people that can see a vision and aren’t worried about ‘How quickly can you exit?’” Bazzell said. “And then secondly, selfishly, for the business, we have to find partners who are willing to roll up their sleeves and utilize their networks and get us from point A to point B much quicker.”
Antetokounmpo recently launched Build Your Legacy Ventures to invest across sports, media and entertainment. The Berman family is led by Don Berman, the founder of consumer finance services provider CardWorks. In 2021, the Bermans donated $3 million to Davidson College athletics.
Unrivaled previously announced NIL deals with college stars Paige Bueckers and Flau’Jae Johnson. Watkins could make similar arrangements, but “she was adamant in investing,” Bazzell said.
Watkins follows prior college stars, including then-USC QB Caleb Williams and Alabama linebacker Dallas Turner, who invested in professional sports operations while still in school after monetizing their name, image and likeness. Earlier this year, Johnson and Oregon guard Deja Kelly were among numerous athletes who invested in Bazooka Candy Brands.
Unrivaled players also receive equity stakes in the company. Unrivaled is paying its 33 announced players close to $250,000 on average out of a salary pool of more than $8 million. The company plans to be profitable by year three, if not sooner. It has now raised $35 million to date.
“The priority was investing into the athletes and the resources to make a first impression,” Bazzell said. “That’s why it was so great to raise the amount we raised—it gave us more flexibility to not have to be perfect out of the gate, but to know that we have more than enough runway for multiple years before we have to concern ourselves with, ‘Where’s the next investment potentially come from?’”
Unrivaled was founded in 2023 by WNBA stars (and 2024 WNBA Finals competitors) Breanna Stewart and Napheesa Collier. The first year will feature six clubs, including 10 total members from the 2024 U.S. Olympic team.
Existing investors from Unrivaled’s seed round include former ESPN president John Skipper, Horizon Sports & Experiences, former USWNT captain Alex Morgan, two-time NBA MVP Steve Nash and UConn women’s basketball coach Geno Auriemma.
(This story has been updated with background on Unrivaled’s founding.)
