London’s Midnite Secures €30 Million Investment to Expand Sportsbook and Casino Platform

Midnite, a prominent sportsbook and casino operator based in the UK, has recently announced the successful completion of a Series C funding round, raising a significant €30 million ($35 million). This substantial investment will be utilized to expand operations, accelerate product development, and support the company’s international expansion efforts.

The funding round was led by Raine Partners IV, the flagship growth equity fund of The Raine Group. Additionally, existing investors Play Ventures, Discerning Capital, Makers Fund, and Big Bets also participated in the round, bringing Midnite’s total equity funding to over €64 million ($75 million). Earlier this year, Midnite secured a €86 million ($100 million) credit facility to fund marketing initiatives and further business growth.

Nick Wright, co-founder of Midnite, expressed his excitement about the continued support from top investors in the gaming industry. He emphasized the company’s dedication to prioritizing the player experience and highlighted the importance of their product-centric approach.

The substantial funding will enable Midnite to accelerate its growth strategy and pursue tier-1 operator status by investing heavily in its product team. The company aims to disrupt the industry with a challenger brand platform tailored for a new generation of players.

In comparison to other gaming platform startups, such as Ultra, Midnite’s Series C funding of €30 million stands out as a significantly larger and later-stage round within the sector.

John Salter, co-founder and Partner of Raine, commended Midnite for its clear vision and dedication to product innovation. He expressed confidence in Midnite’s ability to lead the industry forward and looks forward to the company’s future developments.

Founded in 2015, Midnite distinguishes itself by developing its sportsbook and casino platform entirely in-house, utilizing proprietary technology to prioritize a customer-centric approach. The company plans to leverage its in-house technology stack to disrupt the global market and establish itself as a tier-1 operator.

Anton Backman, General Partner at Play Ventures, reiterated his firm’s excitement in supporting Midnite’s journey towards tier-1 status. He highlighted Midnite’s innovative approach in combining social, rewards, and live operations within the gaming experience, positioning the company as a leader in the industry.

Midnite’s sportsbook was initially launched in 2018 by Nick Wright and Daniel Qu, who have a history of successful ventures in the gaming industry. The company has since expanded its product offerings to include horse racing and casino games, experiencing significant growth and currently employing 150 individuals.

In conclusion, Midnite’s recent Series C funding round marks a significant milestone in the company’s journey towards industry leadership. With a focus on product innovation, customer experience, and international expansion, Midnite is poised to make a lasting impact in the gaming sector.