Unrivaled, the 3-on-3 women's basketball league co-founded by WNBA stars Breanna Stewart and Napheesa Collier, has secured a $650 million valuation after its latest funding round. This valuation represents a significant increase from its September valuation of $340 million.
New investors in this funding round include Jenny Just, a self-made billionaire, and Ten Pillars Sports Fund. The round also saw continued investment from notable figures and groups such as UConn coach Geno Auriemma, NBA Hall of Famer Carmelo Anthony, Alex Morgan’s Trybe Ventures, and Wizards guard Trae Young.
Stewart and Collier established Unrivaled in January 2025 with the goal of providing WNBA players with a professional opportunity during the league's offseason. The league is continuing to develop its Miami campus and enhance its facilities and resources.
"With this raise, the incredible demand we’ve seen from our fans is being matched by investors who believe just as strongly in where Unrivaled can go," Stewart stated. "Our fans showed us that belief firsthand last season, selling out games at home in Miami and on the road in Philadelphia, with of course Brooklyn showing up exactly the way I’ve seen and have come to expect. Our investors are demonstrating that same conviction through this commitment. Having that level of support on both sides puts Unrivaled in a strong position to build on our success into next season and beyond."
Unrivaled's operational model includes player ownership as a key component of its compensation structure. Participating players receive equity in the league alongside their compensation, aiming to align their interests with Unrivaled's long-term growth. According to the league, the value of the player equity pool has increased by over 550 percent in the past three years, now nearing $200 million.
Unrivaled CEO Alex Bazzell confirmed that players collectively remain the largest shareholder group. "This raise is fueling the next stage of Unrivaled’s growth and expanding our impact across the women’s basketball ecosystem," Bazzell said. "Unrivaled was built by players and for players, and their ownership, leadership and ambition continue to drive the league forward and define a new model for the sport."
Last season, Unrivaled held sold-out tour stops in Philadelphia and Brooklyn, in addition to its home games in Miami. The league is preparing for its third season and will face new competition with the planned December launch of Project B, which has already attracted top WNBA talent. The league's success and significant valuation underscore the growing interest and investment in women's professional basketball.