Game4Padel, a company promoting the fast-growing tennis/squash hybrid game and backed by Sir Andy Murray, has received approaches from potential partners to expand overseas.

The approaches from “credible organisations’ come as the Edinburgh-based company raises £3 million in its fourth and largest fundraising round in less than three years.

The mix of debt and equity capital has been provided by retail and institutional investors and almost doubles its enterprise value to £18 million.

Chairman Jim McMahon said the company will take a “measured view” of potential partners to expand playing facilities in other countries. In the meantime it is focused on expanding its 18 existing courts and secured venues to 300 across the UK over five years.

Mr McMahon said: “One of the key tests for scale-up companies at this stage is judging the right moment to increase spending.

“We have been very prudent so far, to control cash burn, but have stepped up our expenditure in the last few months – primarily on marketing and staff – and are already seeing the benefits of investing in both.”

He added: “We have had a number of interesting approaches from potential partners keen to collaborate in multiple countries in Europe and further afield.

“As encouraging as it is to be gaining recognition abroad, we will take a measured view over time depending on market potential, existing competition, and the strength of those potential partners in the relevant locations. For now, we remain focused on the UK market, where there is more than enough work in the pipeline to keep us busy.”

The company has made three recent hires, as well as reorganising an executive team led by CEO Michael Gradon, a former FTSE 100 director with P&O Group and a longstanding commercial and finance chairman of the Wimbledon Championships.

Peter Gordon and Vincent Hivert, two of the company’s co-founders, have been promoted to chief operating officer and growth & participation director, respectively.

James Rose has joined the company as national development manager with a remit to launch padel venues in the south, oversee the training of coaches, and develop the firm’s industry partnerships. He has more than 20 years’ professional experience of the global tennis industry and joins after eight years as director of tennis coaching at the La Manga Club in Spain.

David Taylor, a former investment sector professional, joins the team as a part-time analyst to review potential venues and prepare data on catchment area, financial modelling and venue projections. Carol Milligan, whose background is in the publishing industry, takes on the new role of executive assistant.

Last month, Game4padel signed the top-ranked British padel player, Tia Norton, as a company ambassador. Ms Norton, 18, is the first British woman to compete on the World Padel Tour, has represented the GB women’s senior team five times, and turned professional in August 2021.

She joins existing ambassadors Andy Murray, and former top tennis players Annabel Croft and Andrew Castle, as well as Jonathan Davies, the former Welsh rugby international.

In November 2021, Game4Padel announced a partnership with golf’s governing body, The R&A, whose new community golf facility in Glasgow will include three covered padel courts. They have committed to a long-term partnership to identify other potential sites.