Midnite, a hyper-growth UK sportsbook and igaming operator, has completed a $35 million Series C funding round led by Raine Partners IV, the flagship growth equity fund of The Raine Group. The Raine Group is a global investment and strategic advisory firm with a focus on gaming, sports, technology, music and entertainment. Existing investors Play Ventures, Discerning Capital, Makers Fund and Big Bets also participated, bringing Midnite’s total equity funding to more than $75 million. The raise follows a $100 million credit facility secured earlier this year to support marketing initiatives and wider business expansion in sports betting and igaming.
Proceeds from the Series C round will be used to scale operations, accelerate development of Midnite’s in-house products and support international expansion. The operator plans to leverage its proprietary technology stack to grow its position in the global sportsbook and igaming market and to establish itself as a tier-one operator. A majority of the new investment will be directed towards expanding headcount, reinforcing a product-led strategy and narrowing the gap with the sector’s largest incumbents. Midnite intends to continue building out its product teams by hiring talent with experience in scaling disruptive digital businesses, while keeping all engineering functions onshore in the UK to invest in local technology expertise.
Midnite’s sportsbook was launched in 2018 by co-founders Nick Wright and Daniel Qu, who previously created daily fantasy sports platform Dribble in partnership with Sky Bet. The operator added horse racing and igaming casino products to its portfolio in 2023 and entered a rapid growth phase in 2025, increasing its team to around 150 employees. The latest funding round is positioned as a further step in that trajectory, providing additional capital to support product development, marketing and market-entry plans across regulated sportsbook and igaming jurisdictions.
Nick Wright, co-founder of Midnite, said: “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.”
John Salter, Co-Founder and Partner of Raine, said: “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.”
Anton Backman, General Partner at Play Ventures, said: “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.”
