Midnite Secures €30M To Expand Its Sportsbook And Casino Platform

The round was led by Raine Partners IV, The Raine Group’s flagship growth equity fund, with participation from existing investors Play Ventures, Discerning Capital, Makers Fund, and Big Bets.

This brings Midnite’s total equity funding to over €64 million ($75 million), following an €86 million ($100 million) credit facility secured earlier this year to strengthen marketing efforts and drive continued business expansion.

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Nick Wright, co-founder of Midnite, says: “We’re thrilled to have the continued support of some of the best investors in gaming. Our product-centric approach is what has got us to where we are today, and we will continue to place the experience of our players as our highest priority.

“This capital enables us to hit the gas and accelerate our growth strategy as we pursue tier-1 operator status, investing heavily in our product team to truly disrupt the industry with a challenger brand platform for a new generation of players.”

For comparison, Tallinn-based gaming platform startup Ultra recently raised €10.8 million to grow its team and further develop its platform for gamers, publishers, and developers.

Against this backdrop, Midnite’s €30 million Series C stands out as a significantly larger, later-stage funding round within the sector.

John Salter, co-founder and Partner of Raine, adds: “We’re pleased to deepen our relationship with Midnite as it continues to develop its product portfolio and grow at scale. The Midnite team has a clear vision, with the dedication and passion necessary to be an industry leader in product innovation. We look forward to seeing what comes next as Midnite paves the path forward for the next generation of players.”

Founded in 2015, Midnite differentiates itself by building its entire sportsbook and casino platform in-house, enabling a strongly customer-centric approach.

The company plans to leverage its proprietary technology to disrupt the global market and position itself as a tier-1 operator. Most of the new funding will be invested in expanding its team, strengthening its product-led strategy, and narrowing the gap with the industry’s largest players. Midnite also confirms that its engineering teams will remain based in the UK, supporting and investing in local talent.

Anton Backman, General Partner at Play Ventures, says: “We’re excited to continue backing Midnite as they scale towards tier-1 status. Midnite is a true first-mover in building social, rewards and live operations at the core of the gaming experience, combining operational excellence in real-money gaming with best practices from leading mobile game publishers.

“Our firm’s thesis is deeply rooted in the belief that these industries will continue to converge, and that Midnite is best positioned to capitalise on this opportunity.”

Midnite launched its sportsbook in 2018, founded by Nick Wright and Daniel Qu, who previously built the daily fantasy sports platform Dribble in partnership with Sky Bet. In 2023, Midnite expanded into horse racing and casino offerings, and by 2025 entered a growth phase, increasing its workforce to 150 employees.