Closing Series B round values company at an impressive $340 million
The 3-on-3 women's professional basketball league, Unrivaled, co-founded by Breanna Stewart and Napheesa Collier, has announced a successful Series B funding round worth $340 million. This latest investment builds on last year's Series A round that saw Unrivaled reel in $28 million.
The funding round was led by Bessemer Venture Partners (BSP), a San Francisco-based investment firm. BSP, the leader of the oversubscribed Series B round, also recently led a Series B round for software company Recall.ai at a $250 million valuation.
Joining BSP in this round are venture firms Next Legacy Partners and a number of high-profile individuals. Among them are Atlanta Hawks star Trae Young, Orlando Magic brothers Frank and Moe Wagner, sports executive Sam Rapoport, University of Maryland president Darryll Pines, and his wife Sylvia. Notable return investors include Warner Bros. Discovery (WBD) and Alex Morgan's venture capital firm Trybe Ventures. Serena Ventures, a diversity-focused venture capital firm founded by Serena Williams, also invested in Unrivaled.
The capital infusion will be used for expansion to the metro Miami-based facility (Wayfair Arena), increased player resources, and potentially a tour in non-WNBA cities. This move aligns with Unrivaled's commitment to providing top-tier compensation, with an average salary of $220,000, nearing the WNBA's max base salary, making it a model for better pay in the sports industry.
However, the relationship between Unrivaled and the WNBA has grown more complex due to the WNBA's ongoing labor negotiations. The current Collective Bargaining Agreement (CBA) talks for the WNBA could carry into January, when the Unrivaled season begins. This potential overlap may pose challenges for the league's top women's college players, who are currently marketing Unrival's product, as they navigate their own commitments to the WNBA.
Many of the individuals involved in Unrival received equity as part of their deals to join the athlete-focused venture, providing them with some level of financial protection in the event of continued labor unrest for the WNBA. This move underscores the commitment of Unrivaled's investors to supporting women's professional basketball and its players.
In addition to the funding news, Unrivaled has also hired its first Chief Marketing Officer (CMO) ahead of its second season. This strategic hire is expected to bolster Unrivaled's marketing efforts and further establish its presence in the sporting landscape.
As Unrivaled continues to grow and evolve, it remains committed to its mission of providing a platform for women's professional basketball players to showcase their skills and thrive both on and off the court.
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