Unrivaled Valued at $650M After Latest Funding Round, Players Own 30%

Unrivaled, the 3-on-3 women’s basketball league that launched in 2025, announced a Series C funding round Tuesday, securing more than $100 million in funding that values the league at $650 million. 

The league has nearly doubled its valuation in a year; it was valued at $340 million in September after closing a series B funding round. The fundraising around was led by Ten Pillars Sports Fund, backed by UC Investments, and also included reinvestments from notable sports figures Carmelo Anthony, Geno Auriemma, Trae Young, Alex Morgan, and Trybe Ventures.

In comparison, the Connecticut Sun, the most recent WNBA franchise sold, was purchased for $300 million earlier this year. The Golden State Valkyries are the highest-valued WNBA team at $1 billion, according to CNBC projects released in May.

“I think this is a testament to how quickly the space is evolving and growing, but also to the incredible foundation that we’ve built,” Unrivaled co-founder Alex Bazzell told Front Office Sports. Bazzell co-founded the league with WNBA stars Breanna Stewart and Napheesa Collier, who is also his wife.

Unrivaled also announced that the portion of the company owned by players is valued at nearly $200 million, about 30% of the company. The league says the player equity pool has increased 550% since it was launched.

Unrivaled has been positioned as a player-driven league since its launch, guaranteeing six-figure salaries for all players (when the WNBA minimum was under $70,000) and offering equity stakes in the league.

Bazzell did not share the precise number of players with equity in the league, but said that all 36 players who signed in the first season received an ownership stake, and that “at least 95% of our players are a part of this in at least some way, shape, or form.” 

He said every player was offered equity, and those that don’t currently have a stake chose to be paid more instead.

“Some still value cash a little bit more than equity—there’s always that exchange between agents,” Bazzell said. “But I’m really proud of the fact that these players get to learn what it means to be an owner and inevitably make money during their sleep and when they’re in their offseason, or when they’re with the WNBA.”

The terms of players’ equity stake is similar to that of traditional startups. Bazzell said all players’ stake has a four-year vesting period, and those who left the league before the four years (like Sabrina Ionescu, who only played in Unrivaled’s inaugural season) can choose what to do with the amount of equity earned.

“If they didn’t stay for a certain time period, they wouldn’t vest the remaining amount, but they’ve still earned you know one year’s worth or two years’ worth of that equity,” Bazzell said. “And then for us, we have the optionality if we want to buy them out or if we want to continue to let them grow with the value of the business.”

After a successful first season, Unrivaled saw its TV ratings dip in its second year. But the league, which plays most of its games at the 1,000-seat Sephora Arena in Miami, saw growth from two soldout tour stops at NBA arenas in Brooklyn and Philadelphia. 

It’s planning around eight tour stops in 2027.

Bazzell also said Unrivaled will move out of Sephora Arena by 2028, saying they’ve “outgrown” the venue and will make more announcements in the coming months on their plans. He guaranteed that they will move to a larger venue, but said they want to continue providing an “intimate” experience for the fans.

He said Unrivaled will not aim for an NBA-size arena as its home, instead looking for an venue that can fit 2,500 to 4,000 fans.

“We’ll always have a one-singular arena for us, call it home arena, for us, while still integrating our tour model,” Bazzell said. 

Unrivaled will not be the only professional women’s basketball league with WNBA stars playing this coming winter as Project B, a new global basketball league co-founded by former WNBA star Alana Beard, is planning to launch in January. The league is scheduled to run around the same time period as Unrivaled, and has signed WNBA stars like Nneka Ogwumike and Jonquel Jones, as well as former Unrivaled players Kelsey Mitchell and Alana Smith. 

Bazzell said he doesn’t “put a lot of focus” into Project B, despite acknowledging that they have signed a “few solid players,” because Unrivaled has already signed most of its roster for the next two to three seasons. The league says they have signed more than 90% of their players for the 2027 season, including recent announcements Olivia Miles and Gabby Williams.

He also said that Project B is focused on international play while Unrivaled’s competition is domestic.

“I don’t think we’re at the point of maybe jockeying for positions as much as people would think,” Bazzell said.