Midnite Raises $35m in Series C Round to Fuel Global Growth and Product Expansion

UK-based sportsbook and casino operator Midnite has reached a major funding milestone after securing $35m in a Series C investment round led by Raine Partners IV.

The latest financing also attracted continued backing from existing investors Play Ventures, Discerning Capital, Makers Fund and Big Bets, underscoring strong confidence in the company’s long-term vision and growth strategy.

With this round, Midnite’s total equity funding now exceeds $75m. The fresh capital follows a $100m credit facility the company obtained earlier this year, which was designated to support marketing initiatives and broader business expansion. Together, these financial resources are expected to significantly strengthen Midnite’s ability to scale its operations, accelerate product development and advance its plans for international expansion.

Midnite intends to leverage its proprietary technology platform to establish a stronger presence in the global gaming market, with the ambition of positioning itself as a tier-1 operator. A substantial portion of the new investment will be directed toward growing the company’s workforce, particularly within its product and engineering teams, as it seeks to preserve its reputation as a disruptive force in the industry.

The company confirmed it will continue to base its engineering teams in the UK, capitalising on local expertise and a strong domestic talent pool, while actively recruiting top-tier professionals recognised for their innovative capabilities.

Nick Wright, Co-founder of Midnite, welcomed the latest round of investment, stating: “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, commended Midnite’s commitment to building differentiated products and highlighted the company’s potential to shape the future of the sector. He praised the team’s dedication and product-led vision, noting its ability to lead through innovation and expressing enthusiasm about what lies ahead.

Anton Backman, General Partner at Play Ventures, also spoke positively about Midnite’s trajectory, describing the company as a pioneer in blending social and rewards-driven features into gaming experiences. He added that Midnite’s approach closely aligns with Play Ventures’ broader investment thesis.

Founded in 2018 by Nick Wright and Daniel Qu, Midnite initially entered the market as a sportsbook before broadening its portfolio to include horse racing and casino products in 2023. Since then, the company has experienced rapid growth and now employs around 150 people, continuing to pursue an ambitious expansion strategy across multiple fronts.

By fLEXI tEAM