UK sportsbook and casino disruptor Midnite, has secured additional funding to scale its growth and deliver cutting-edge products.
Midnite’s Equity Funding Exceeds $75M
According to the announcement, Midnite has procured $35 million in its Series C funding round, providing it with extra funding to continue its rapid growth in the UK gaming sector. According to the announcement, the round was led by Raine Partners IV, the growth equity fund of leading investment and consultancy firm The Raine Group.
In addition to Raine Partners IV, the Series C funding round also attracted additional contributions by longtime Midnite investors, such as Play Ventures, Discerning Capital, Makers Fund, and Big Bets. As a result, Midnite’s total equity funding has now exceeded $75 million.
In addition to that, Midnite recently secured a $100 million credit facility, further enhancing its financial position.
According to the announcement, the Series C funding round proceeds will go toward scaling the company, producing enhanced content, and pursuing international expansion. Much of the money will fuel Midnite’s human resources strategy and procuring talent to drive the company’s growth.
Backed by a strong proprietary tech stack, Midnite remains bullish on disrupting the market and becoming the latest tier-1 operator.
Midnite Hits the Gas
Representatives expressed excitement about the funding round and Midnite’s continued growth. The company’s co-founder, Nick Wright, thanked everyone for their incredible support, which will allow Midnite to double down on its ambitious plans.
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.
Nick Wright, co-founder, Midnite
John Salter, co-founder and partner of Raine, was pleased about the opportunity to back Midnite on its growth journey. He said that the disruptive operator’s strides have been impressive and attributed his trust in Midnite to the company’s clear vision, passion, and love for innovation.
Anton Backman, general partner at Play Ventures, was similarly excited to continue backing Midnite and help it achieve tier-1 status. Backman lauded the operator as a “true first-mover” in building social rewards and live operations at the core of the gaming experience. He also expressed trust in Midnite’s continued adoption of best practices from the mobile gaming sector.
As of the time of this writing, Midnite employs some 150 people and offers bets on sports and horse racing, as well as online casino games.