LOVB announces $100M in new funding from venture capital and investment firms

The GIST: Yesterday, LOVB (pronounced LOVE) announced $100M in funding led by Atwater Capital, along with existing supporters Ares Management and Left Lane Capital, bringing its total of funds raised to $160M. The GIST spoke with LOVB CEO Katlyn Gao yesterday about what this means for the volleyball brand at every level of the game.

The background: LOVB raised $16.75M in its initial Series A funding round in 2022, followed by a $35M Series B round in 2023. While previous rounds have been celebrity-backed, the latest funding comes from entertainment-focused private equity (PE) firm Atwater Capital and Left Lane Capital, which Gao noted is focused on newer, cutting-edge brands.

• LOVB has also been backed by prominent sports investment funds, including David Blitzer’s Bolt Ventures, Verance Capital, and Elysian Park Ventures, not to mention funding from women’s sports icon Billie Jean King. Smashing.

The model: LOVB first launched in 2020 by establishing youth volleyball clubs across the U.S. Now, it's the largest junior club volleyball community in the U.S. and has worked to build a unique youth-to-pro pipeline that includes having them train in the same facilities.

• Launching its pro league in year five was “intentional,” Gao explained. “We didn't want to build the next major league without having built a strong foundation. That genuine connection between our youth players looking up and seeing these international superstars practicing next to them, that's a level of connection that money can't buy.”

• She notes that LOVB intends to continue to invest in its foundational youth clubs through improved infrastructure and resources. On the pro side, Gao wants funding to ensure athlete support and brand activations that build “genuine brand affinity…in a way that also brings awareness for LOVB as well.”

The brands: Gao emphasized how the volleyball league has been able to attract newcomers to sports, such as Spanx and Revolve. Additionally, LOVB’s partnership with smart gym brand Tonal is unlike anything the company has done previously with a sports league.

Zooming out: LOVB’s commitment and growth at the club level has allowed it to win over many Gen Z and millennial women and uniquely positions the league for immediate success — which is why newcomers are looking to cash in. Cha-ching.