The Pro Padel League has raised $15 million in a new funding round, the league announced on Tuesday, highlighting the growing investment for yet another rising racket sport as it gains traction in the U.S.
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 speaks to 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 funds will go toward expanding the league’s front office, building out its infrastructure and creating a full calendar of events to support players.
Founded in 2023, the Pro Padel League features 10 teams across the United States, Canada and Mexico.
Source: Pro Padel League
The North American league currently has 10 city-based franchises: eight in the U.S., one in Canada and one in Mexico. The league also recently launched a developmental circuit called PPL 2 — aimed at identifying North American talent — and secured new sponsorship deals with watchmaker Frederique Constant as well as sporting goods brand Franklin Sports.
As the sport has gained in popularity, valuations are also on the rise. Over the past year, PPL franchises have been valued at more than $10 million, the league said, up from the $200,000 entry fee that franchises paid to join the league in 2023.
What is padel?
Padel, a hybrid of tennis and squash, is played in doubles on an enclosed court, roughly the size of a tennis court. The glass walls are in play, keeping rallies live and players constantly moving.
While the sport is frequently compared to pickleball — which has seen its own popularity skyrocket in recent years — players say padel is more dynamic than pickleball. They also say it’s easier on the joints than tennis and that it’s highly social.
Early adopters of the sport tend to skew affluent, in part because indoor courts require high ceilings and significant real estate – creating a higher barrier to entry that could slow growth compared to pickleball’s lower-cost model, but potentially a higher return on investment.
The sport has seen a boost from sports legends like Rafael Nadal, Serena Williams, David Beckham, Cristiano Ronaldo and Derek Jeter, who have backed padel ventures and club expansions.
Industry analysts estimate 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 amassed more than 35 million players across 110 countries, according to the International Padel Federation. The sport is most popular in Europe and South America, according to the 2025 World Padel Report, and while it’s become hugely popular overseas, the U.S. is now catching up.
The United States Padel Association estimates there will be 20,000 courts and 15 million active players in the U.S. by 2030, up from just a few hundred courts in the country today.
“We’re now at a place where most people believe that paddle is here to stay,” said Dorfman.
In the U.S., franchise operators are racing to lock up territory, while the Pro Padel League works to build a media-driven product around team competition.
“It’s the stickiest, most addictive sport that exists,” said Jon Krieger, co-founder of Padel United Sports Club in Cresskill, New Jersey. “Once you feel that for yourself, it’s pretty clear to understand where this can exist [as] an asset class.”
