- Legal States
Luke Thompson February 2, 2022 3 min read
Midnite Finalizes Funding Round, Adds $16m to War Chest
Midnite has completed another funding round, adding $16 million to its war chest, and hoping to spearhead its esports betting platform and various product in regulated markets worldwide. The London-based company let The Raine Group lead the Series A round.
Midnite’s Established Track Record
As a result, The Raine Group’s co-founder and partner John Salter will be joining Midnite as a board observer, following his company investment in the platform. Presently, Midnite is developing its product, and the money from the round would help with achieving growth targets and embarking on new initiatives.
Midnite currently operates a sportsbook which it launched in 2020. The betting platform accepts esports as well as mainstream sports. Midnite also developed CashMode, which it introduced in 2021. CashMode was developed loosely on UMode, a self-betting platform for esports players where recreational gamers may bet on their performance.
The company is not stopping there as it has planned yet another launch by the name of Arcade for 2022. Midnite is constantly improving its existing products and adding new features to enhance the overall experience.
The company is focused on Generation Z gamers who are interested in capitalizing on their in-game time. The Raine Group has seen the company’s merit, and Salter has been quick to praise the results achieved so far:
“Their talented and dedicated team is passionate about changing the way fans experience the games they love, and we look forward to helping them create the next generation of sports betting.”The Raine Group’s co-founder and partner John Salter
Midnite team was originally based in the United States when founders Nick Wright and Daniel Qu decided to relocate to the United Kingdom several years ago, benefitting from the more liberal gambling laws in the country. Both Wright and Qu saw a gap in the products they were trying to build, which enabled them to pursue Midnite more aggressively.
Creating their product in regulated markets has allowed Midnite to secure licenses from the UK Gambling Commission and the Malta Gaming Authority. Europe is not Midnite’s sole bastion – or at least not for much longer, as the company is now planning to expand in Mexico and Brazil. Wright himself confirms that Midnite is first and foremost focused on regulated markets.
More Excellent Solutions Coming in 2022
As to Arcane, the new solution will be a very casual experience backed by a random number generator resembling crypto casino games. Midnite is also thinking about looking into non-fungible tokens, although NFTs have not been exactly popular with gamers, at least so far.
“We pride ourselves on leveraging the best forms of technology, fan-centric features, and in-house models to offer next-level experiences to our users,” Wright said, summing up on the latest funding round with The Raine Group.
Previously, Midnite secured two executives from Rivalry, a competitor’s platform, which has made a stake on Generation Z gamers and consumers. The platform cut ties with an offending third-party back in December over an ill-advised ad that was supposed to emulate gaming vernacular but ended up incentivizing consumers to take up a hobby without advising them of the associated risks. Midnite’s answer was swift.