Alexis Ohanian is expanding his investment portfolio in women's sports with a new stake in professional women's volleyball.

League One Volleyball (LOVB) announced on Wednesday that Ohanian's investment firm, Seven Seven Six, will lead the ownership group of a new professional team, LOVB Los Angeles Volleyball. The investment comes as volleyball has seen rapid growth across all levels of play.

Financial terms of the deal were not disclosed.

"We're excited to make LOVB the third jewel in Seven Seven Six's LA sports family," Ohanian said in a statement. "Volleyball is such a natural addition for Southern California, which has already proven how warmly it embraces new pro sports teams."

Ohanian is also an investor in two other California teams: the NWSL's Angel City FC and TGL's LA Golf

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