UK-based sportsbook and casino operator Midnite has announced a significant milestone, securing $35m in a Series C funding round led by Raine Partners IV.
The funding, which includes contributions from existing investors Play Ventures, Discerning Capital, Makers Fund and Big Bets, raises Midnite’s total equity funding to over $75m.
The new capital injection follows a $100m credit facility obtained earlier this year, earmarked for marketing and business expansion. Midnite plans to use the funds to scale operations, accelerate product development and support its international expansion ambitions.
The company aims to leverage its proprietary technology to make a mark in the global market, striving to establish itself as a tier-1 operator.
The majority of the new investment will focus on expanding Midnite’s workforce, particularly within its product team, to maintain its disruptive edge in the industry. The company is committed to hiring top talent known for innovation and will keep its engineering teams based in the UK to capitalise on local expertise.
Nick Wright, Co-founder, says: “We are thrilled to have the continued support of some of the best investors in gaming.
“This capital enables us to hit the gas and further accelerate our growth strategy.”
John Salter, Co-Founder & Partner at Raine, praised Midnite’s dedication and vision in product innovation, noting the potential to lead the industry and expressing anticipation for future developments.
Anton Backman, General Partner at Play Ventures, recognised Midnite as a pioneer in integrating social and rewards elements into gaming, aligning with Play Ventures’ investment thesis.
Founded in 2018 by Nick Wright and Daniel Qu, Midnite launched with a sportsbook and expanded to include horse racing and casino offerings in 2023. The company has grown rapidly, now employing 150 people, and continues to pursue aggressive growth strategies.
