How Unrivaled is building a $650M women’s basketball league with players at the helm

Professional three-on-three women’s basketball league Unrivaled is headed into its third season with a serious infusion of cash. The two-year-old league on Wednesday announced the completion of its Series C funding round, which brought in more than $100 million and values the organization at $650 million—nearly double its valuation last fall. Led by the University of California-backed Ten Pillar Sports Fund, the Series C round is a marked jump from its Series B raise, which closed in September 2025 and valued the league at $350 million. The UC Investments fund was joined by investors that include NBA star Carmelo Anthony, soccer player Alex Morgan and her Trybe Ventures, actor Ashton Kutcher, and Washington Wizards point guard Trae Young. “It’s very important for us to have the right people that invest financially, but also contribute a lot of value to what we’re building,’ says Unrivaled Commissioner Micky Lawler, adding that the league’s investors have “a shared passion for the vision that we are creating.” Unrivaled leaders say the strength of its fundraising is based on its model of giving players who want it an equity stake in the league, and that it will fund an ambitious th…