Unrivaled basketball league valued at $650 million

• The league, which was co-founded by WNBA stars Napheesa Collier and Breanna Stewart, also will use proceeds to extend its NIL program for top college players.

The big picture: Star players have flocked to Unrivaled because it offers high salaries for short seasons — an attractive alternative to playing overseas.

• League CEO Alex Bazzell acknowledges that the WNBA's growing success could lessen the financial need, but isn't worried about recruitment.
• "Players spend their offseasons playing pickup games against each other, because iron sharpens iron," he explains. "We give them a chance to do that, and yes get compensated well for it, while also helping them build their brands more."

Zoom in: Ten Pillars Sports Fund led the Series C round, and was joined by existing backer Bessemer Venture Partners.

• Other investors include Carmelo Anthony, Gino Auriemma, Jenny Just, Ashton Kutcher, Alex Morgan (via Trybe Ventures), Dan Rosensweig, and Trae Young.
• Unrivaled was valued at $340 million after its Series B round last September.

By the numbers: Unrivaled reports that it generated $45 million in Season 2 revenue, up from $27 million in Season 1.