Napheesa Collier’s Unrivaled is showing just how much financial power women’s basketball can create. The 3-on-3 league co-founded by Collier and fellow WNBA star Breanna Stewart is now valued at $650 million after raising more than $100 million in a new funding round.
The Series C round was led by Ten Pillars Sports Fund, which is backed by UC Investments. The funding round was oversubscribed, meaning investor demand was higher than the amount the league initially planned to raise.
Even more notable is what the deal means for the athletes. Unrivaled’s players are the league’s largest shareholder group, and the collective value of their equity is now approaching $200 million. That represents a more than 550% increase since the league launched.
Napheesa Collier and Breanna Stewart Put Players at the Center of Unrivaled
Collier and Stewart helped create Unrivaled around a different idea for professional women’s basketball. Rather than giving players only salaries and benefits, the league also gives them an opportunity to own part of the business they help build.
“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.
She added that the new investment would give Unrivaled more resources to support players, improve the fan experience and grow the league. The approach gives athletes a direct financial connection to the success of the business.
For Collier, that ownership model is part of the bigger vision behind the league. She said the goal from the beginning was to raise the standard for what players and fans should expect from women’s basketball.
Unrivaled Players’ Equity Nears $200 Million
The nearly $200 million value of the players’ collective equity is one of the biggest stories from the latest funding round. It shows how quickly the athletes’ financial stake has grown as the league has increased its value and audience.
That growth is also important because player ownership gives athletes a chance to benefit from the long-term success of the league. Their earnings are therefore not limited to salaries and traditional benefits.
“This raise is fueling the next stage of Unrivaled’s growth and expanding our impact across the women’s basketball ecosystem,” CEO and co-founder Alex Bazzell said.
Bazzell also said Unrivaled was built by players and for players, adding that their ownership, leadership and ambition continue to shape the league’s future.
Women’s Basketball League Sees Major Business Growth
The latest investment follows a strong second season for Unrivaled. The league reported growth across ticket sales, merchandise, social media, fan engagement and its digital platform.
Revenue reached $45 million during the league’s second season in 2026. Meanwhile, ticket sales increased 249% compared with its inaugural season.
Unrivaled also expanded to eight teams and attracted sellout crowds at Philadelphia’s Xfinity Mobile Arena and Brooklyn’s Barclays Center. Those numbers have helped strengthen the argument that women’s sports can attract large audiences and serious investment.
“The moment for women’s sports is here,” said Jagdeep Singh Bachher, chief investment officer at UC Investments. He pointed to the excitement around Unrivaled and said the investment would help build on the momentum around women’s sports.
Major Investors Back Napheesa Collier’s Unrivaled
Investor interest in Unrivaled has also grown alongside the league. The latest funding round includes new investment from Jenny Just, along with returning investors and backers.
Among the returning names are former NBA star Carmelo Anthony, college basketball coach Geno Auriemma, actor Ashton Kutcher, soccer star Alex Morgan, Trybe Ventures, Dan Rosensweig and NBA star Trae Young.
Their involvement adds to the growing list of high-profile people and investment groups putting money behind women’s sports. More importantly, the latest funding shows that investors are seeing women’s basketball as a serious business opportunity.
The $650 million valuation also represents a major jump from where Unrivaled stood just a short time ago.
Unrivaled’s Valuation Climbs From $340 Million to $650 Million
Unrivaled’s financial growth has been rapid. The league raised $28 million during its Series A funding round in 2024.
Then, an oversubscribed Series B round in 2025 pushed the league’s valuation to $340 million. Less than two years later, the new Series C round has nearly doubled that valuation to $650 million.
That rise has come as the league continues to build its identity around star players, fast-paced 3-on-3 basketball and a strong connection between athletes and fans.
The latest funding gives Unrivaled more money to continue expanding its teams, improving its business operations and developing its digital and fan experiences.
Napheesa Collier’s Vision Points to a New Model for Women’s Sports
Collier’s role in Unrivaled goes beyond being one of its star players. As a co-founder, she is helping shape how the league operates and how athletes can benefit financially from its growth.
That makes Unrivaled particularly interesting within the wider women’s sports business. The league is not only trying to attract fans. It is also giving its players a meaningful ownership position from the start.
For Black women and other women athletes, the business model offers an important example of what can happen when athletes have a voice in how sports organizations are built. Ownership can give players a chance to participate in the value they help create instead of watching that value grow around them.
Unrivaled Prepares for Its Third Season in 2027
The next major test for Unrivaled will come in January 2027, when the league begins its third season. By then, expectations will be even higher following the latest valuation and the strong financial results from its second season.
Collier and Stewart will have to maintain the league’s momentum while continuing to give fans a reason to watch and players a reason to invest their futures in the competition.
For now, however, the numbers tell a powerful story. Unrivaled has reached a $650 million valuation, its players collectively hold equity approaching $200 million, and investors are continuing to put serious money behind women’s basketball.
The league’s growth suggests that women’s sports are not simply gaining attention. They are creating new opportunities for athletes to build wealth, claim ownership and have a greater say in the businesses they help create.
