The business backed by tennis star Sir Andy Murray has raised another £1.3 million to develop a UK-wide network of playing facilities for padel tennis and is hoping to build up to 300 courts in five years.
Edinburgh-based Game4Padel has completed its third funding round, helping finance its expansion plans for what is billed as one of the world’s fastest-growing participation sports. It is played with four participants in a glass-enclosed court about a third of the size of a tennis court. This latest equity round values Game4Padel at £10m, and takes the total brought in to more than £2.5m.
Last month, Game4Padel signed heads of terms with Europe’s largest retail destination Westfield London to install and operate courts that are expected to open in January 2022.
In April, the firm opened the first-ever padel tennis venue in Wales, at Windsor Penarth. It is also in “detailed” discussions with some 50 other sites – including major retail destinations, business parks, leisure centres as well as sports venues – which it anticipates will add more than 50 courts to the seven already in use at its five current UK venues. It also recently opened a trial court at St George’s Hill Lawn Tennis Club in Surrey.
The firm says padel devotees include Rafael Nadal, David Beckham, Lionel Messi, Maria Sharapova, Martina Hingis, Jurgen Klopp and Pep Guardiola as well as tennis stars Sir Andy Murray and Jamie Murray.
Source: The Scotsman. Read the full report by Emma Newlands here.