Pro Padel League raises $15 million as investors bet on growth in the US

The Pro Padel League announced Tuesday it has raised $15 million in a new funding round, highlighting growing investment in another rising paddle sport as it gains traction in the United States.

The new raise follows $10 million in seed funding for the league, received in March 2025. The Series A funding round was led by Charlotte Hornets co-chairman and governor Rick Schnall, with additional investment from venture capital firm Left Lane Capital.

“I think this reflects the nature of the long-term growth prospects that we have as a league,” Pro Padel League CEO Michael Dorfman told CNBC.

Dorfman said the new money will go toward expanding the league’s front office, building out its infrastructure and creating a full calendar of events to support players.

The North American League currently has 10 city affiliates: eight in the United States, one in Canada, and one in Mexico. The league also recently launched a developmental circuit called PPL 2 — aimed at identifying talent in North America — and secured new sponsorship deals with watchmaker Frederique Constant as well as sporting goods brand Franklin Sports.

As the sport gains popularity, ratings are also on the rise. Over the past year, PPL franchises were worth more than $10 million, up from the $200,000 entry fee franchises paid to join the league in 2023, the league said.

Padel, a combination of tennis and squash, is played in pairs on an indoor court, about the size of a tennis court. Glass walls come into play, keeping the gatherings alive and players constantly moving.

While the sport is often compared to pickleball — which has seen a huge rise in popularity in recent years — players say padel is more dynamic than pickleball. They also say it’s easier on the joints than tennis, and it’s very social.

Early adopters of the sport tend to skew wealthy, in part because indoor courts require high ceilings and large real estate — creating a higher barrier to entry that may slow growth compared to a lower-cost pickleball model, but likely results in a higher return on investment.

The sport has seen a boost from sporting legends such as Rafael Nadal, Serena Williams, David Beckham, Cristiano Ronaldo and Derek Jeter, who have supported padel projects and club expansions.

Industry analysts estimate that the global padel market is already worth $2 billion and growing at a double-digit annual rate, according to a report by Deloitte.

Globally, the sport has brought together more than 35 million players in 110 countries, according to the International Padel Federation. The sport is the most popular in Europe and South America, according to the 2025 World Padel Report, and while it has become very popular abroad, the United States is now catching up.

The American Padel Association estimates that there will be 20,000 courts and 15 million active players in the United States by 2030, compared to only a few hundred courts in the country today.

“We’re now in a place where most people think the paddle is here to stay,” Dorfman said.

In the US, franchise operators are racing to secure territory, while the Pro Padel League is building a media-driven product around collegiate competition.

“It’s the most addictive sport ever,” said John Krieger, co-founder of Padel United Sports Club in Cresskill, New Jersey. “Once you feel it yourself, it’s very clear to understand where this could be [as] asset class.”