Midnite, a UK-based sportsbook and casino operator, has closed a $35 million Series C funding round led by Raine Partners IV, the flagship growth equity fund of The Raine Group, as the company pushes to scale its platform and expand beyond its home market.
The financing also included participation from existing backers Play Ventures, Discerning Capital, Makers Fund, and Big Bets, lifting Midnite’s total equity funding to more than $75 million. The company said the latest equity raise follows a $100 million credit facility it secured earlier this year, which it has been using to support marketing initiatives and broader growth efforts.
Midnite plans to deploy the Series C proceeds to expand operations, accelerate development of new and improved sportsbook and casino features, and support international expansion plans. The company emphasized its in-house technology stack as a core differentiator, positioning the platform as a product-led challenger aiming to compete more directly with the largest operators in the sector. Midnite said a majority of the new capital will go toward hiring—particularly to deepen its product organization—while keeping engineering teams onshore in the UK as it invests in local technical talent.
Founded in 2018 by Nick Wright and Daniel Qu, Midnite initially launched as a sportsbook and later expanded its offering, adding horse racing and casino products in 2023. The company described 2025 as a breakout year, during which it entered a rapid growth phase and expanded headcount to approximately 150 employees. Midnite is licensed and regulated by the Great Britain Gambling Commission and the Irish Revenue Commissioner.
For Raine, which focuses its advisory and investment activity across technology, media, and telecommunications sectors—including gaming and sports—leading the round deepens its relationship with Midnite as the operator broadens its product portfolio and pursues growth at scale. Play Ventures framed Midnite’s approach as part of a broader convergence between real-money gaming and mobile game design, citing Midnite’s focus on social mechanics, rewards, and live operations.
KEY QUOTES:
“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.”
Nick Wright, Co-Founder, Midnite
“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.”
John Salter, Co-Founder and Partner, Raine
“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.”
Anton Backman, General Partner, Play Ventures
