WBD and Alex Morgan’s Trybe Ventures also double down on investments in three-on-three women’s basketball league.

Three-on-three women’s basketball league Unrivaled is now valued at US$340 million after closing an oversubscribed Series B investment round led by private equity firm Bessemer Venture Partners.

Other notable investors in the round included tennis legend Serena Williams through her Serena Ventures venture capital firm, while previous investors Warner Bros Discovery (WBD) and Trybe Ventures, the investment vehicle of US soccer great Alex Morgan, returned.

Atlanta Hawks point guard Trae Young, Orlando Magic brothers Frank and Moe Wagner, University of Maryland president Darryll Pines and his wife Sylvia, and sports executive Sam Rapoport also contributed to the latest funding round alongside venture capital firm Next Legacy Partners.

Unrivaled did not disclose the size of the individual contributions. Bessemer’s global portfolio has included Pinterest, Shopify and LinkedIn, and the firm currently has US$19 billion of assets under management.

The league’s latest valuation is a dramatic rise from just one year ago when it was valued at US$95 million, according to CNBC. The new funding will be used to add more resources to Unrivaled’s facilities, for developmental efforts and to create extra awareness of the league as it heads into its second season.

Unrivaled brought in US$28 million via a Series A investment round last year led by Don Berman, the founder of consumer finance services provider CardWork, and his family. Other high-profile investors in Unrivaled include tennis icon Billie Jean King, National Basketball Association (NBA) stars Steph Curry and Giannis Antetokounmpo, and Olympic swimmer Michael Phelps.

“We’re continuing to align with partners who elevate our league and accelerate our strategic growth,” said Unrivaled president Alex Bazzell. “With Bessemer Venture Partners leading this round, Unrivaled is in an unprecedented position for a new sports league.

“Bessemer’s world-class leadership, combined with the collective influence of our entire investor group, amplifies our mission and pushes the industry forward. This rise in Unrivaled’s valuation reflects investor confidence and proves that athlete-driven models can thrive at the highest levels of business.”

Caty Rea, vice president at Bessemer Venture Partners, added: “At Bessemer, we’ve had the privilege of backing many category-defining companies, and we believe Unrivaled is building the next great sports league.

“What impressed us most is the league’s outstanding business performance – achieving both rapid growth and impressive unit economics in its first year of operations –alongside its focus on both athlete advocacy and extraordinary fan engagement. We’re thrilled to partner with Unrivaled to take the league to the next level.”

The league was co-founded in 2023 by Women’s National Basketball Association (WNBA) players Breanna Stewart and Napheesa Collier. It claims to be offering the highest average salary in women’s team sports history, with reports suggesting each player earned at least US$222,000 this season.

The six-team Unrivaled reportedly made more than US$27 million in revenue in its first year. The league is confident of achieving profitability as soon as 2026, has doubled revenue projections from season one and plans to increase salaries.

Unrivaled’s second season will tip off in January 2026. The competition is also reportedly considering adding two more teams to next year’s campaign, as well as potentially taking games on the road, having played its entire 2025 campaign in Miami.