London, Jan 29: UK-based sportsbook and casino operator Midnite has raised $35 million in a Series C funding round led by Raine Partners IV, as it looks to accelerate growth and expand internationally.
The funding round included participation from existing investors Play Ventures, Discerning Capital, Makers Fund and Big Bets, bringing Midnite’s total equity funding to more than $75 million.
The equity raise follows a $100 million credit facility secured earlier this year, which the company said was earmarked for marketing and business expansion. Midnite plans to use the new capital to scale operations, accelerate product development and support its international growth ambitions, with the aim of establishing itself as a tier-one global operator.
Most of the investment will be directed toward expanding the company’s workforce, particularly within its product team. Midnite said its engineering teams will remain based in the UK, as it seeks to draw on local technical expertise while hiring talent known for innovation.
“We are thrilled to have the continued support of some of the best investors in gaming,” co-founder Nick Wright said. “This capital enables us to hit the gas and further accelerate our growth strategy.”
John Salter, co-founder and partner at Raine, praised Midnite’s focus on product innovation and said the company has the potential to become an industry leader.
Anton Backman, general partner at Play Ventures, said Midnite stood out for integrating social and rewards features into gaming, aligning with the firm’s investment strategy.
Founded in 2018 by Wright and Daniel Qu, Midnite launched as a sportsbook and expanded into horse racing and casino products in 2023. The company now employs around 150 people and is pursuing aggressive growth plans.
