Just seven months after concluding its inaugural season, Unrivaled has reached a valuation of $340 million. This financial achievement comes after the closing of a Series B investment round led by Bessemer Venture Partners, which also included the participation of Serena Ventures, Serena Williams’ venture capital firm, Warner Bros. Discovery, and Trybe Ventures. Alex Bazzell, president of Unrivaled, revealed that the valuation was negotiated with Bessemer Venture Partners. This additional financing “accelerates Unrivaled’s growth strategy,” according to Bazzell. “We exceeded our revenue expectations in the first season by almost doubling them, which allows us to move forward faster… We have transformed our five-year plan into a three-year one. In the second year, we will focus even more on the athletes.” Part of the funds will be used to expand the facilities in Miami, adding 15,000 square feet for the players’ facilities, including a second practice court and 150 additional seats in the stadium. The average salary of the players will remain in six figures. In the previous season, the players earned an estimated average of $222,222, and all received shares in the league. In the future, some selected athletes who join the league will also receive shares, which will be decided on a case-by-case basis during contract negotiations.
This funding round also included investments from NBA players such as Trae Young, Franz Wagner, and Moritz Wagner, in addition to sports executive Sam Rapoport and the president of the University of Maryland, Darryll J. Pines. Among the investors in the inaugural season of Unrivaled were Giannis Antetokounmpo, Carmelo Anthony, Stephen Curry, Geno Auriemma, Coco Gauff, Dawn Staley, and Michael Phelps. Unrivaled generated approximately $30 million in revenue during its first season, according to a league source, which doubles what executives projected. Long-term media rights deals with TNT and corporate sponsorships, including Sephora, Ally, and Under Armour, likely explain most of that figure. Unrivaled’s board members also highlighted strong ticket and merchandise sales. After raising $35 million in funding through investors before the start of the season, Unrivaled nearly reached the break-even point in its inaugural season and is projected to make a profit in its second year, according to a source. The league averaged 221,000 viewers on TNT and truTV during its first season, with the championship game between Rose and Vinyl attracting 364,000 viewers.“They are largely majority shareholders,” Bazzell commented on the players. “They are going to reap the benefits of these growing valuations, not just with a ‘congratulations, good job,’ and ‘they will have better resources.’ The whole philosophy of our brand is coming into effect and improving in a short time.”
Alex Bazzell, president of Unrivaled
