London-based sportsbook and casino operator Midnite has raised $35 million in a Series C funding round to accelerate its growth, enhance its product offerings, and support international expansion. The round was led by Raine Partners IV, the flagship growth equity fund of The Raine Group, with existing investors including Play Ventures, Discerning Capital, Makers Fund, and Big Bets also participating. Combined with a previously secured $100 million credit facility, Midnite’s total funding now exceeds $75 million, providing the company with significant financial firepower.
Driving Growth Through Investment in Technology and Talent
Co-founder Nick Wright highlighted that the new capital will enable Midnite to “hit the gas” on its growth strategy, investing heavily in its product team and pursuing tier-1 operator status. Midnite’s strategy focuses on a product-centric approach, prioritizing the player experience across sportsbook, horse racing, and casino offerings. The company plans to channel much of the funding into expanding its workforce while keeping engineering teams onshore in the UK to strengthen local talent and maintain control over product development.
A Proprietary Platform and Customer-Focused Strategy
Founded in 2015, Midnite distinguishes itself by developing its entire sportsbook and casino platform in-house, giving it flexibility to innovate and tailor the gaming experience to customer needs. This proprietary technology underpins a product-led strategy aimed at disrupting the market and closing the gap with the sector’s largest operators. The operator added horse racing and casino products in 2023, and since 2025, it has scaled its team to roughly 150 employees as it embarked on a period of rapid growth.
Investor Confidence in a Challenger Brand
John Salter, co-founder and partner of Raine, emphasized his confidence in Midnite’s vision and dedication, noting the company’s potential to lead product innovation in the gaming sector. Anton Backman, general partner at Play Ventures, highlighted the operator’s position as a first-mover in integrating social features, rewards, and live operations into the gaming experience. Both investors cited Midnite’s combination of operational excellence in real-money gaming with best practices from mobile game publishing as a reason for backing the company’s ambitious plans.
Midnite in Context: Sector Comparisons
Midnite’s $35 million Series C round is notable in the broader gaming startup landscape, particularly compared to companies like Tallinn-based Ultra, which recently raised $12.5 million to expand its team and platform. The scale and timing of Midnite’s funding indicate a later-stage maturation, signaling strong investor confidence in its ability to execute a global expansion strategy. With proprietary technology, a growing team, and strategic backing, Midnite positions itself as a serious contender among tier-1 operators in the competitive online gaming market.
The Series C funding will enable Midnite to expand internationally, invest in human capital, and enhance its product portfolio while maintaining a strong UK-based engineering presence. The operator’s leadership emphasizes a continued focus on player experience and innovation as key differentiators in a crowded market. As Midnite scales its operations and leverages its proprietary platform, the company aims to solidify its status as a leading challenger brand for the next generation of gaming customers.