Unrivaled raises over US$100m at US$650m valuation

Unrivaled has completed an oversubscribed Series C fundraising round exceeding its initial US$100 million target and valuing the women’s three-on-three basketball league at US$650 million.

The valuation has increased from US$340 million when Unrivaled completed its Series B in September 2025. That represents growth of approximately 91% in less than a year as the league prepares for its third season in January 2027.

Ten Pillars Sports Fund, which is backed by UC Investments, led the round. Participants also included Carmelo Anthony, Geno Auriemma, Bessemer Venture Partners, Ashton Kutcher, Alex Morgan and Trybe Ventures, Dan Rosensweig and Trae Young. Inner Circle Sports, part of William Blair, advised Unrivaled.

Napheesa Collier and Breanna Stewart founded the league in 2023, with Alex Bazzell serving as chief executive. Its compensation structure gives participating players equity alongside salaries and benefits, making athletes the company’s largest shareholder group.

The player equity pool has increased by more than 550% since launch and is now valued at almost US$200 million. Unrivaled has expanded to eight clubs and 54 players, while reporting growth across ticketing, merchandise, digital engagement and live attendance during its second season.

The financing provides further evidence of institutional capital moving into women’s sport and new competition formats. It also gives Unrivaled additional funding to expand its fan product, player proposition and commercial operation before its third season airs nationally through TNT Sports.