Unrivaled, the 3-on-3 women’s pro basketball league co-founded by WNBA stars Breanna Stewart and Napheesa Collier, has closed an oversubscribed Series B funding round at a $340 million valuation. The undisclosed round was led by San Francisco-based investment firm Bessemer Venture Partners (BSP).
Unrivaled also received investment from Serena Ventures, a diversity-focused venture capital firm founded by now-retired tennis star Serena Williams. The 23-time Grand Slam champ is also a limited partner in the WNBA’s Toronto Tempo and in NWSL’s Angel City FC.
Warner Bros. Discovery (WBD) and Alex Morgan’s venture capital firm Trybe Ventures returned in this round, building on their previous investments. WBD is invested in the league’s growth as an equity partner but also as its broadcast partner through TNT Sports.
Atlanta Hawks star Trae Young; Orlando Magic brothers Frank and Moe Wagner; sports executive Sam Rapoport; and University of Maryland president Darryll Pines and his wife, Sylvia, also contributed to this latest funding round alongside venture firm Next Legacy Partners.
The capital infusion will help finance expansion to the metro Miami-based facility (Wayfair Arena) as well as increased player resources, such as more development staff and trainers. It comes as the league considers a potential tour in non-WNBA cities after using WNBA All-Star Weekend in July to showcase the product in pop-up style away from South Florida.
Unrivaled leaders have maintained the league is designed as an additive offseason solution for the best WNBA players who don’t want to go overseas to supplement their income. But Unrivaled’s relationship with the WNBA has grown more complex amid the W’s ongoing labor negotiations. The six-team alt-league, which now has the top women’s college players marketing its product, has notably become a model for better pay since the inaugural season’s average salary of $220,000 is near the WNBA’s max base salary.
Unrivaled is considering adding two more teams to next year’s campaign, as current CBA talks could carry into January when the Unrivaled season begins. Those involved in Unrivaled at least have some level of personal financial protection in the event of continued labor unrest for the WNBA, as many of them received equity as part of their deals to join the athlete-focused venture.
Unrivaled continues to receive funding from investment firms, athletes and sports executives. BSP, the leader of the oversubscribed round, also recently led in another Series B round for software company Recall.ai at a $250 million valuation.
This latest closure builds on last year’s Series A that saw the league reel in $28 million via a round led by Don Berman and his family. It also included NBA star Giannis Antetokounmpo, Fenway Sports Group partner Linda Henry, former Milwaukee Bucks owner Marc Lasry, Olympian Michael Phelps and South Carolina women’s basketball coach Dawn Staley.
