Midnite Completes $35 Million Series C Funding Round Led by The Raine Group
Midnite, a hyper-growth UK sportsbook and casino operator, today announced that it has raised $35 million in a Series C funding round led by Raine Partners IV, The Raine Group’s flagship growth equity fund. The Raine Group is a leading global investment and strategic advisory firm specialized in gaming, sports, technology, music and entertainment.
Existing investors Play Ventures, Discerning Capital, Makers Fund and Big Bets also participated in the round, bringing Midnite’s total equity funding to more than $75 million. This follows the $100 million credit facility Midnite secured earlier this year to fund marketing initiatives and further business growth.
Proceeds from the Series C funding round will be used to scale operations, accelerate development of best-in-class products and support international expansion. Midnite plans to leverage its in-house technology stack to disrupt the global market and position itself as a tier-1 operator. A majority of the investment will be channelled into expanding Midnite’s human capital, bolstering its product-led strategy and helping to close the gap with the market’s largest operators. Midnite will continue to build out its product team by hiring leading talent with a track record in disrupting established industries. All engineering teams will remain onshore in the UK to invest in world-class, local talent.
Nick Wright, co-founder of Midnite, said: “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.”
John Salter, Co-Founder and Partner of Raine, said: “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.”
Anton Backman, General Partner at Play Ventures, said: “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 capitalize on this opportunity.”
Midnite’s sportsbook was launched in 2018 by Nick Wright and Daniel Qu, who previously created daily fantasy sports platform Dribble in partnership with Sky Bet. Midnite added horse racing and casino to the product mix in 2023 and embarked on an explosive stage of growth in 2025, growing its team to 150 employees.
About Midnite
Midnite is shaking up the traditional gambling landscape in the UK as a true challenger brand with international ambitions. The company distinguishes itself by developing its entire sportsbook and casino platform in-house to bring fans closer to the games they love. This proprietary technology empowers Midnite to prioritise a truly customer-centric approach, delivering a superior player experience while maintaining the highest safety standards. Backed by leading investors including the Raine Group, Discerning Capital, Venrex, Makers Fund, and Play Ventures, Midnite has raised over $75 million in funding to date. Midnite is licensed and regulated by the Great Britain Gambling Commission and the Irish Revenue Commissioner. For more information, please visit https://www.midnite.com/.
About The Raine Group
The Raine Group is a leading global merchant bank with an integrated focus on advisory and principal investments in the TMT sectors. Founded in 2009, Raine has advised on some of the largest and most cutting-edge transactions in the history of TMT and has leveraged that experience to be an active, strategic value-add growth investor. Headquartered in New York, Raine has offices in San Francisco, Los Angeles, London, Barcelona, Mumbai, Shanghai and Singapore. For more information, please visit raine.com.
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Midnite
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James McMath
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The Raine Group
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Dan Gagnier / Lindsay Barber
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