Unrivaled has raised more than $100 million in an oversubscribed Series C financing at a $650 million valuation as the professional women’s basketball league continues expanding its athlete-owned business model. Ten Pillars Sports Fund, backed by UC Investments, led the financing, which exceeded Unrivaled’s initial $100 million fundraising target.
Additional investors include Jenny Just, Carmelo Anthony, Geno Auriemma, the Berman Family, Bessemer Venture Partners, Ashton Kutcher, Alex Morgan, Trybe Ventures, Dan Rosensweig, and Trae Young.
The new $650 million valuation represents a significant increase from the $340 million valuation Unrivaled reached following an oversubscribed Series B round in September 2025.
A central component of Unrivaled’s model is providing participating athletes with equity opportunities in addition to salaries and benefits.
Players collectively remain the league’s largest shareholder group. Unrivaled said the value of its player equity pool has increased more than 550% since its inception and is now worth nearly $200 million.
Founded in 2023 by women’s basketball stars Napheesa Collier and Breanna Stewart, Unrivaled was designed around giving athletes ownership and a direct economic stake in the league’s growth.
The Series C follows Unrivaled’s second season, during which the league reported growth across ticket sales, merchandise, social engagement and its digital ecosystem.
Unrivaled also expanded ahead of schedule to eight clubs and 54 players.
The league took games outside its traditional home market during its second season, staging sold-out events at Xfinity Mobile Arena in Philadelphia and Barclays Center in Brooklyn.
The Philadelphia event set records for the highest-attended regular-season professional women’s basketball game and the highest-attended event of any kind at Xfinity Mobile Arena, according to Unrivaled.
The Series C adds to a shareholder base that already includes prominent athletes, investors and executives such as Giannis Antetokounmpo and Build Your Legacy Ventures, Stephen Curry, Coco Gauff, Billie Jean King, JuJu Watkins, Dawn Staley, Gary Vaynerchuk and Warner Bros. Discovery.
Unrivaled plans to use the latest financing to support continued league expansion, enhance the player and fan experience and increase its broader impact across women’s basketball.
Inner Circle Sports, a William Blair business, represented Unrivaled in the financing.
Unrivaled’s third season is scheduled to begin in January 2027 and will be broadcast nationally through TNT Sports.
KEY QUOTES:
“This raise is fueling the next stage of Unrivaled’s growth and expanding our impact across the women’s basketball ecosystem. We’re partnering with investors who share our vision to create lasting value and greater opportunity for the best players in the world, while continuing to elevate the game for fans. 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.”
Alex Bazzell, CEO And Co-Founder Of Unrivaled
“This raise reflects the confidence investors have in what we set out to build at Unrivaled: a league where the best players in the world have a real stake in the value they create. Moving forward, this investment gives us even more resources to support our players, elevate the experience for fans, and grow a league that is shaping the future of women’s basketball.”
Breanna Stewart, Co-Founder Of Unrivaled
“From the beginning, our goal has been to raise the standard for what players and fans should expect from women’s basketball. This investment allows Unrivaled to keep pushing that standard higher, creating the best possible environment for players to compete and thrive, while making the experience bigger and better for the fans who continue to show up for women’s basketball.”
Napheesa Collier, Co-Founder Of Unrivaled
“The moment for women’s sports is here. Young people get it. We get it. Anyone who’s watched Unrivaled knows this game is every bit as thrilling as any other sport out there. We’re excited to help propel that momentum forward.”
Jagdeep Singh Bachher, Chief Investment Officer Of UC Investments
