Unrivaled, the startup women’s basketball league founded by WNBA stars and based in Miami, announced it has closed an oversubscribed $28 million Series A investment round.
The venture capital round is backed by the Berman Family; eight-time NBA All-Star and NBA Champion Giannis Antetokounmpo; Build Your Legacy Ventures; Linda Henry, co-wwner/CEO of Boston Globe Media and partner at Fenway Sports Group; Avenue Sports Fund; 23-Time Gold Medalist and Mental Health Advocate Michael Phelps and Nicole Phelps, president of Michael Phelps Foundation; Dawn Staley, the three-time NCAA Champion head coach for South Carolina Women’s Basketball; Warner Bros. Discovery Fund; and JuJu Watkins, the sophomore guard at USC. Other investors include Amy Banse with Mosaic Ventures, Black Economic Alliance Venture Fund, Threadneedle Ventures, and Off-Court Ventures, among others.
To date, the Miami sports startup has raised $35 million, including a $7 million seed round raised in May, as it prepares for its inaugural season in 2025. Unrivaled, founded in 2023 by the WNBA’s Napheesa Collier and Breanna Stewart, is riding a surge of popularity in women’s sports.
“We believe Unrivaled is well-positioned to thrive in the larger sports ecosystem and we’re proud to back this exciting new league,” said Avenue Capital Chairman and CEO Marc Lasry, in a statement. “Unrivaled is setting the standard through their innovative business model at a pivotal time in the growth trajectory of women’s sports.”
The league, which will use a 3-on-3 format in a compressed full court style of play, was formed to give WNBA players a domestic league to play in during their offseason, while seeking to bridge the pay gap between them and NBA counterparts, Axios reports. Unrivaled will feature 30 players across six teams and already has commitments from Stewart, Collier, Chelsea Gray, Arike Ogunbowale and Angel Reese to play in the inaugural season. All players will get equity in the league.
Unrivaled’s season is scheduled to tip off in Miami and on TNT Sports on Jan. 17.
“Our players haven’t even taken the court yet and the foundation we are building with our partners unites unparalleled expertise, strategic insight, and an incredible product,” said Unrivaled President Alex Bazzell. And, he tweeted: “We’re just getting started.”
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