Mates has agreed a 'six-figure' deal to back the show, which has been created by British Automobile Racing Car, the governing body for motor sports.
The Mates Formula Woman Championship will be the UK's first all-female motor-racing championship, pitting 16 novice drivers against each other in 10 events around the country.
Highlights will be broadcast on ITV next month. Former racing driver and TV presenter Vicki Butler-Henderson is expected to host the coverage.
The women will compete in the Mazda RX-8 sports car after the car marque signed up as the manufacturer sponsor (Marketing, 16 January). More than half of Mazda's sports car customers in the UK are female.
Mates, the second-biggest condom brand in the UK, is making a concerted effort to target the female market. Last month it launched Pleasure, a range aimed at 25- to 35-year-old women, slightly older than the company's traditional, unisex market.