The Pro Padel League has raised $15 million in a new funding round, the league announced Tuesday, highlighting growing investment in another booming racquet 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 it speaks to the nature of the long-term growth prospects that we have as a league,” Michael Dorfman, CEO of the Pro Padel League, told CNBC.
Dorfman said the new funds will be used to expand the league’s front office, develop its infrastructure and create a comprehensive calendar of events to support players.
Founded in 2023, the Pro Padel League has 10 teams in the United States, Canada and Mexico.
Source: Pro League Padel
The North American league currently has 10 city franchises: eight in the United States, one in Canada and one in Mexico. The league also recently launched a development circuit called PPL 2 – aimed at identifying North American talent – and struck new sponsorship deals with watchmaker Frédérique Constant as well as sporting goods brand Franklin Sports.
As the sport grows in popularity, so do valuations. Over the past year, PPL franchises have been valued at more than $10 million, the league said, compared to the $200,000 entry fee franchises paid to join the league in 2023.
What is padel?
Padel, a hybrid of tennis and squash, is played in doubles on a closed court, roughly the size of a tennis court. Glass walls are in play, keeping the exchanges live and the players in constant motion.
While the sport is frequently compared to pickleball – which has skyrocketed 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 is very social.
Early adopters of the sport tend to be wealthy, 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 less expensive model, but potentially a higher return on investment.
The sport has been boosted by sporting legends like Rafael Nadal, Serena Williams, David Beckham, Cristiano Ronaldo and Derek Jeter, who have supported padel projects and club expansion.
Industry analysts estimate that the global padel market is already worth $2 billion and experiencing double-digit annual growth, according to a Deloitte report.
Globally, this sport has brought together more than 35 million players in 110 countries, according to the International Padel Federation. The sport is most popular in Europe and South America, according to the World Padel Report 2025, and although it has become extremely popular abroad, the United States is now catching up.
The United States Padel Association estimates that there will be 20,000 courts and 15 million active players in the United States by 2030, compared to just a few hundred courts in the country today.
“We’re at a point now where most people believe paddleboarding is here to stay,” Dorfman said.
In the United States, franchise operators are working to conquer territories, while the Pro Padel League is working to create a media product around the team competition.
“It’s the stickiest, most addictive sport there is,” 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 that might exist. [as] an asset class.