Unrivaled reaches $650M valuation with Series C funding round

Unrivaled announced a Series C funding round Tuesday securing more than $100 million and valuing the women's 3-on-3 basketball league at $650 million, per Front Office Sports reporting. The valuation nearly doubles the league's $340 million assessment from September 2025, when it completed a Series B round.

The Series C was led by Ten Pillars Sports Fund, backed by UC Investments. Reinvestment came from sports figures including Carmelo Anthony, Geno Auriemma, Trae Young, Alex Morgan, and Trybe Ventures, according to the reporting.

Players retain significant ownership: the league announced that 30% of the company, valued at nearly $200 million, is owned by players. More than 95% of Unrivaled players hold equity in the league, according to co-founder Alex Bazzell. All 36 players who signed in the inaugural season received ownership stakes, per the reporting. The player equity pool has grown 550% since the league launched. Every player was offered equity, though some chose higher salaries instead, and all equity carries a four-year vesting period. Players who left before vesting, including Sabrina Ionescu, can claim a portion of equity proportional to time served.

Unrivaled was founded by Alex Bazzell with WNBA stars Breanna Stewart and Napheesa Collier, who is Bazzell's wife. The league has positioned itself around guaranteed six-figure salaries for all players at a time when the WNBA minimum was under $70,000, and equity participation in the business.

The valuation comes as Unrivaled faces competitive pressure and audience headwinds. After a successful first season, TV ratings dipped in its second year, according to Front Office Sports. The league plays most games at the 1,000-seat Sephora Arena in Miami but is planning around eight tour stops in 2027 and will move to a larger venue by 2028, targeting capacity between 2,500 and 4,000 seats. A competing league called Project B, co-founded by former WNBA star Alana Beard, launched in January and has signed WNBA stars Nneka Ogwumike and Jonquel Jones as well as former Unrivaled players Kelsey Mitchell and Alana Smith. Project B is focused on international play, while Unrivaled's competition remains domestic, according to Bazzell. Unrivaled has signed more than 90% of players for the 2027 season, including recent additions Olivia Miles and Gabby Williams.

For context, the Connecticut Sun, the most recently sold WNBA franchise, was purchased for $300 million earlier this year. The Golden State Valkyries are the highest-valued WNBA team at $1 billion, per CNBC projections released in May.