League One Volleyball raised $35M in Series B funding
The GIST: League One Volleyball (LOVB) is getting that bread (and butter). The brand recently raised $35M in Series B funding, reflecting a popular trend of celebrity investment in women's sports and capitalizing on a sport that is seeing massive growth at the youth level.
The organization: Established in 2020, LOVB is the top youth club volleyball business in the U.S. with over 1.1K club teams across 21 states. However, once players reach the pro level, they often have to go abroad, something LOVB wants to change by establishing the country’s first full-season pro league.
The investors: The upcoming pro league’s total fundraising sits at nearly $60M after two funding rounds. Series B investors include Amy Schumer, Candace Parker and daughter Lailaa, Lindsey Vonn, and Olympic volleyballer Jordyn Poulter. Boston Celtic Jayson Tatum is also a recent backer, joining Series A investors Kevin Durant and Chelsea Handler. Star-studded.
Looking ahead: LOVB is hoping to serve up a strong pipeline for the game, but there are still hurdles to overcome for the burgeoning league. Millionaire backing and celebrity caché will certainly give LOVB an edge, but it has to compete with Athletes Unlimited Volleyball, which boasts big sponsors like Gatorade and Nike and broadcasting partnerships with ESPN and CBS.