Just seven months after the conclusion of its inaugural season, Unrivaled has reached a valuation of $340 million. This valuation comes after the closing of a Series B investment round led by Bessemer Venture Partners. Serena Ventures, Serena Williams’ venture capital firm, Warner Bros. Discovery, and Trybe Ventures also participated in this round.
Bazzell explained that, since they exceeded revenue expectations in the first season by almost doubling them, this allows them to move forward faster. It has become a three-year roadmap instead of five, and in the second year they will focus on the athletes. Unrivaled will use part of the funds to expand its facilities in Miami, adding 15,000 square feet for player facilities, including a second practice court and 150 additional seats in the stadium. The average player salary will remain in the six figures. Last season, players earned an estimated average salary of $222,222 and all received league shares. Going forward, certain athletes who join the league will also receive shares, but this will be decided on a case-by-case basis as contracts are negotiated.This additional funding accelerates Unrivaled’s growth strategy.
Alex Bazzell, President of Unrivaled
This funding round also included investments from NBA players such as Trae Young, Franz Wagner and Moritz Wagner, as well as 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 in its first season, doubling initial projections. The league’s long-term media rights deals with TNT and its corporate sponsorships, including Sephora, Ally, and Under Armour, likely account for the majority of that figure. Unrivaled’s board members also reported strong ticket and merchandise sales. After raising $35 million in investor funds before the start of the season, Unrivaled almost reached the break-even point in its inaugural season and is projected to make a profit in its second year. The league averaged 221,000 viewers on TNT and truTV during its first season, with the championship match between Rose and Vinyl attracting 364,000 viewers.The players are largely majority shareholders. They are going to reap the benefits of these growing valuations, not just “congratulations, good job”, and “you’ll have better resources”. The whole philosophy of our brand is coming into effect and improving in a short time.
Alex Bazzell, President of Unrivaled
