London-based sportsbook and casino operator Midnite has raised €30 million in Series C funding as it looks to accelerate product development, scale operations, and expand internationally. The round was led by Raine Partners IV, the flagship growth equity fund of The Raine Group, with participation from existing backers Play Ventures, Discerning Capital, Makers Fund, and Big Bets.
The new equity financing brings Midnite’s total equity funding to more than €64 million, following an €86 million credit facility secured earlier this year to support marketing activity and broader business growth. Together, the two raises signal growing investor confidence in Midnite’s product-led approach and long-term ambition to become a tier-1 operator in the global betting and gaming market.
Building a challenger sportsbook and casino brand
Founded in London in 2015, Midnite has differentiated itself by building its entire sportsbook and casino platform in-house. Unlike many operators that rely heavily on third-party technology providers, Midnite controls its full technology stack, allowing it to move faster on product innovation and focus on the player experience.
The company initially launched its esports-focused sportsbook in 2018, founded by Nick Wright and Daniel Qu, who previously created daily fantasy sports platform Dribble in partnership with Sky Bet. Since then, Midnite has steadily broadened its offering, adding horse racing and casino products in 2023 and positioning itself as a full-spectrum betting platform for a new generation of players.
Series C funding led by The Raine Group
The Series C round was led by Raine Partners IV, with Raine citing Midnite’s clear product vision and execution as key reasons for its continued support. John Salter, co-founder and Partner at Raine, said the firm was pleased to deepen its relationship with Midnite as the company scales its product portfolio and operational footprint.
He highlighted the team’s focus on innovation and its ambition to lead the next phase of real-money gaming, as digital entertainment, social features, and gaming mechanics increasingly converge.
Existing investors also doubled down on the company, reinforcing confidence in Midnite’s trajectory and its ability to compete with larger, more established operators over time.
Using capital to accelerate growth
Midnite plans to use the €30 million to significantly expand its product and engineering teams, with a strong emphasis on hiring and retaining talent in the UK. The company has confirmed that its engineering operations will remain onshore, underlining its commitment to investing in local expertise.
A large portion of the funding will be directed towards product development, including enhancements to its sportsbook, casino, and live operations capabilities. Midnite believes its proprietary technology gives it a structural advantage, enabling faster iteration and a more personalised, engaging experience for players.
International expansion is also on the roadmap, as the company looks beyond its home market and explores opportunities in regulated jurisdictions overseas.
A market moving towards convergence
Midnite’s latest raise stands out in a broader European gaming landscape where funding rounds have generally been smaller and earlier stage. By comparison, Tallinn-based gaming platform Ultra recently raised €10.8 million to expand its team and continue platform development, underscoring how Midnite’s Series C represents a more mature, later-stage bet on scale and execution.
Play Ventures, one of Midnite’s long-time backers, sees the company as well positioned at the intersection of real-money gaming and modern game design. Anton Backman, General Partner at Play Ventures, said Midnite was an early mover in building social features, rewards, and live operations directly into the betting experience.
He added that as gaming and betting continue to converge, platforms that combine operational rigour with the engagement mechanics of leading mobile games are likely to define the next generation of market leaders.
Scaling towards tier-1 operator status
Midnite has grown rapidly in recent years, expanding its workforce to around 150 employees as of 2025. The company’s stated goal is to close the gap with the largest operators in the market by focusing on product quality, player experience, and operational excellence rather than purely on marketing spend.
According to co-founder Nick Wright, the latest funding provides the resources needed to accelerate this strategy. He said the company remains committed to putting players first and believes that a strong, differentiated product is the most sustainable way to build a lasting brand in a highly competitive industry.
With fresh capital, a strengthened balance sheet, and backing from some of the most active investors in gaming, Midnite is positioning itself to become a serious challenger on the global sportsbook and casino stage.
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