Unrivaled Valued At $340M After Closing Investment Round

Unrivaled revealed it received a $340 million valuation after closing a Series B investment round lead by Bessemer Venture Partners on Monday.

The funding will be used to ramp up the league’s growth strategy, according to president Alex Bazzell.

Because we outperformed our revenue expectations in season one by almost doubling it, it allows us to move a bit quicker. … It’s become a three-year roadmap [instead of five]. In year two, we are really going to double down on the athletes,” Bazzell told ESPN.

The league, which finished its inaugural season seven months ago, will use the funding to increase its venue space in Miami.

Salaries will remain in the six-figure area, with players from last year also receiving equity in the league.

The league will now review on a case-by-case basis who will receive equity moving forward. 

Unrivaled reportedly made $30 million in revenue last year, double what it had projected.