League One Volleyball (LOVB) has successfully secured $35 million in Series B funding, led by Left Lane Capital, with participation from Ares Management Funds. This latest round of funding brings LOVB’s total funding to nearly $60 million to date.
Notably, the Series B round saw investments from a range of athletes, entertainers, and executives, including former U.S. skier Lindsey Vonn, Aces forward Candace Parker and her daughter Lailaa, U.S. volleyball player Jordyn Poulter, actress Amy Schumer, G9 Ventures Managing Partner Amy Griffin, Fenway Sports Group limited partner Linda Henry, and Celtics forward Jayson Tatum.
Several Series A investors, including Suns forward Kevin Durant, as well as entertainer Chelsea Handler, also reinvested in this round. LOVB had previously raised $16.75 million in Series A funding in September 2022, with contributions from figures like Billie Jean King, U.S. volleyball player Haleigh Washington, and various venture capital firms.
PJT Partners LP acted as the exclusive financial advisor and placement agent for LOVB in connection with the Series B capital raise, while K&L Gates LLP provided legal advisory services.
LOVB, led by co-founder and CEO Katlyn Gao, is set to launch its inaugural professional season following the 2024 Paris Games. The league will feature six teams based in markets such as Omaha, Madison, Salt Lake, Atlanta, and Houston, with one more location yet to be announced.
Gao emphasized that this funding round represents recognition of an underserved space in women’s sports and aims to transform volleyball into a major league sport with increased recognition and consumption. LOVB’s model aligns with the sport’s community-focused nature, and Gao is excited about the league’s growth prospects.
The Univ. of Nebraska volleyball team set a world record in August for the largest attendance at a women’s sporting event, with 92,003 fans at Memorial Stadium. Gao sees this achievement as a culmination of 50 years of effort and is determined to carry that momentum into the professional level, highlighting the sport’s strong community roots.
Alternative leagues are seeing a surge in interest.
