Unrivaled, the women's three-on-three basketball league co-founded by WNBA stars Napheesa Collier and Breanna Stewart, has closed an oversubscribed Series C funding round that exceeded its initial $100 million target, valuing the league at $650 million. The round was led by the Ten Pillars Sports Fund, backed by UC Investments, which manages the University of California system's funds, alongside a roster of celebrity and sporting-world backers. The raise underscores growing investor confidence in women's sport and will support the league's continued expansion ahead of its third season.

Investors in the round include Carmelo Anthony, Ashton Kutcher, Alex Morgan, Geno Auriemma, Trae Young and Bessemer Venture Partners, among others. Founded in 2023, Unrivaled has grown to eight clubs and 54 players, with its player-equity pool rising more than 550% in value to nearly $200 million as part of the league's "player-first" compensation model. The new valuation marks a sharp rise from the $340 million reached in its Series B round in September 2025, and the league's third season is set to begin in January 2027, broadcast nationally on Warner Bros. Discovery's TNT Sports.