Sportsbook and casino operator Midnite has raised $35 million (£26.1m) in fresh funding as it ramps up plans to become a ‘tier-1’ challenger brand.
The London-based firm’s Series C round was led by Raine Partners IV, the growth equity fund of The Raine Group, a global investment and advisory business focused on sectors including gaming, sport, tech and entertainment.
Existing investors Play Ventures, Discerning Capital, Makers Fund and Big Bets also backed the round, taking Midnite’s total equity funding to more than $75m.
The company also secured a $100m credit facility earlier this year to support marketing and wider growth initiatives.
It said the new capital will be used to scale operations, speed up development of its in-house sportsbook and casino products, as well as support international expansion.
A large portion of the investment will go into hiring, with the business planning to further build out its product and engineering functions.
The funding comes eight years on from when the company was launched by Nick Wright and Daniel Qu, who previously co-created daily fantasy sports platform Dribble in partnership with Sky Bet.
Midnite expanded into horse racing and casino products in 2023 and said it entered a period of “explosive” growth in 2025, growing its team to 150 employees.
“We’re thrilled to have the continued support of some of the best investors in gaming,” said Wright
“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, added: “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.”