WNBA Star Napheesa Collier’s Unrivaled Scores $650 Million Valuation

The 3-on-3 league co-founded by Breanna Stewart and Napheesa Collier is backed by investors such as Carmelo Anthony and Ashton Kutcher.

Unrivaled is proving there’s serious money in women’s basketball.

The 3-on-3 women’s basketball league co-founded by WNBA stars Breanna Stewart and Napheesa Collier has reached a $650 million valuation after an oversubscribed Series C funding round surpassed its initial $100 million target. Ten Pillars Sports Fund, backed by UC Investments, led the round.

“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,” Stewart said in a statement. “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.”

According to a press release, the league’s business model provides players with equity opportunities in addition to competitive salaries and benefits. Players are also the league’s largest shareholder group, giving athletes a financial stake in the value they help create. Following the Series C round, the collective value of their equity pool is now approaching $200 million, which is a more than 550% increase since the league launched.

“This raise is fueling the next stage of Unrivaled’s growth and expanding our impact across the women’s basketball ecosystem,” said Unrivaled CEO and co-founder Alex Bazzell. “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.”

Unrivaled’s latest fundraise comes on the heels of a second season marked by significant growth across the business, including in ticketing, merchandise, social and fan engagement, record-setting attendances, and continued expansion of the league’s digital ecosystem.

“The moment for women’s sports is here,” said Jagdeep Singh Bachher, UC Investments’ chief investment officer. “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.”

That investor confidence has also brought some heavy hitters into the fold. The latest round includes investments from Jenny Just and returning investors and backers such as Carmelo Anthony, Geno Auriemma, Ashton Kutcher, Alex Morgan and Trybe Ventures, Dan Rosensweig, and Trae Young.

The recent capital follows Unrivaled’s rapid financial growth. The league raised $28 million in its 2024 Series A before an oversubscribed Series B in 2025 pushed its valuation to $340 million. By its second season in 2026, revenue had reached $45 million, while ticket sales jumped 249% compared with its inaugural season.

The league also expanded to eight teams and drew sellout crowds at Philadelphia’s Xfinity Mobile Arena and Brooklyn’s Barclays Center.

“From the beginning, our goal has been to raise the standard for what players and fans should expect from women’s basketball,” Collier said. 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.”

That growth puts Unrivaled in a notable position within the sports business landscape: It is building a league around star power while giving athletes an ownership stake from the jump. The next test comes in January 2027, when Unrivaled launches its third season.