The 3-on-3 women’s basketball league Unrivaled, which debuted in 2025, announced a Series C investment round on Tuesday and raised over $100 million, valuing the league at $650 million.
After finishing a series B investment round in September, the league was valued at $340 million, virtually doubling its price in only one year. Ten Pillars Sports Fund spearheaded the fundraising effort, which was supported by UC Investments and featured reinvestments from prominent athletes Carmelo Anthony, Geno Auriemma, Trae Young, Alex Morgan, and Trybe Ventures.
In contrast, earlier this year, the Connecticut Sun, the most recent WNBA team to be sold, was acquired for $300 million.
According to CNBC estimates published in May, the Golden State Valkyries are the most valuable WNBA franchise at $1 billion.
Alex Bazzell, an unparalleled co-founder, told Front Office Sports. Along with WNBA players Breanna Stewart and his wife Napheesa Collier, Bazzell co-founded the league:
“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,”
Additionally, Unrivaled revealed that players hold approximately $200 million, or 30%, of the corporation. According to the league, since its inception, the player equity pool has grown by 550%.
Since its founding, Unrivaled has positioned itself as a player-driven league, granting equity holdings in the league and guaranteeing six-figure pay for all players (back when the WNBA minimum was less than $70,000).
All 36 players who signed during the inaugural season received an ownership stake, according to Bazzell, who also stated that “at least 95% of our players are a part of this in at least some way, shape, or form.” Bazzell did not disclose the exact number of players with equity in the league.
Every player was offered stock, he claimed, but those who don’t currently own a stake opted to receive a higher salary instead.
