In an impressive development for women’s professional basketball, Unrivaled recently announced the successful completion of its Series A funding, securing an additional $28 million prior to its inaugural season set to kick off on January 17, 2024. This significant influx of capital builds on the $7 million already raised in the initial seed round announced in May, bringing the total funding for the year to a noteworthy $35 million. Unrivaled, which aims to revolutionize women’s sports, primarily focuses on a 3×3 basketball format that promises excitement and high-paced competitions.
The funding round was notably led by the Berman family but also attracted high-profile investors like NBA champion Giannis Antetokounmpo and Olympic legend Michael Phelps, fostering an air of legitimacy and excitement around the league. Co-founded by WNBA stars Breanna Stewart and Napheesa Collier, Unrivaled distinguishes itself with a player-owned structure, granting athletes equity and a direct stake in the league’s success. This innovative approach not only aligns players’ interests with those of the league but also shines a spotlight on the potential for greater financial rewards compared to the traditional structures seen in existing women’s leagues.
With its promise to provide the highest average salaries in any women’s professional sports league, Unrivaled stands in stark contrast to the current landscape, where rookies in the WNBA earn considerably less compared to their NBA counterparts. For context, rookie stars in the WNBA receive base salaries just over $70,000 – a stark contrast to lucrative deals offered in the NBA. By cementing a new salary standard, Unrivaled not only aims to attract top talent but also signals a shift in how women athletes view their worth financially.
In addition to its funding accomplishments, Unrivaled has secured a deal with Under Armour as its official uniform partner, which underscores its intent to invest heavily in marketing and brand positioning. Furthermore, a groundbreaking multiyear media rights agreement with Warner Bros. Discovery has been inked to broadcast games across their platforms, including TNT and truTV, as well as via streaming platforms like Max. This strategic move will significantly boost the league’s exposure and accessibility, paving the way for a larger fan base.
Unrivaled is keen to establish itself as a formidable presence in women’s sports, especially with its focus on inclusivity and player empowerment. With substantial support from a mix of prominent investors and athletic legends, the league is poised to challenge the status quo and redefine women’s professional basketball. The foundation laid by the strong financial backing, strategic partnerships, and a commitment to equitable salaries indicates that Unrivaled is not just aiming for a successful inaugural season but is setting the stage for lasting impact in the sports industry for years to come.