Midnite, a UK sportsbook and casino operator, today announced that it has raised €30 million ($35 million) in a Series C funding round to scale operations, accelerate development of their products and support international expansion.
The round was led by Raine Partners IV, The Raine Group’s flagship growth equity fund. Existing investors Play Ventures, Discerning Capital, Makers Fund and Big Bets also participated in the round, bringing Midnite’s total equity funding to more than €64 million ($75 million). This follows the €86 million ($100 million) credit facility Midnite secured earlier this year to fund marketing initiatives and further business growth.
Nick Wright, co-founder of Midnite, says: “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.”
A good point of comparison is Ultra, a Tallinn-based gaming platform startup, which raised €10.8 million to expand its team and further develop its platform serving gamers, publishers and developers.
Against this backdrop, Midnite’s €30 million Series C stands out as a significantly larger, later-stage round within the sector.
John Salter, co-founder and Partner of Raine, adds: “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.”
Founded in 2015, Midnite says they distinguish themselves by developing its entire sportsbook and casino platform in-house. This proprietary technology empowers Midnite to prioritise a customer-centric approach.
Midnite plans to leverage its in-house technology stack to disrupt the global market and position itself as a tier-1 operator. A majority of this new investment will be channelled into expanding Midnite’s human capital, bolstering its product-led strategy and helping to close the gap with the market’s largest operators.
The company also specifies that its engineering teams will remain onshore in the UK to invest in local talent.
Anton Backman, General Partner at Play Ventures, says: “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 capitalise on this opportunity.”
Midnite’s sportsbook was launched in 2018 by Nick Wright and Daniel Qu, who previously created daily fantasy sports platform Dribble in partnership with Sky Bet. Midnite added horse racing and casino to the product mix in 2023 and embarked on a stage of growth in 2025, growing its team to 150 employees.
Read the orginal article: https://www.eu-startups.com/2026/01/londons-midnite-raises-e30-million-to-scale-sportsbook-and-casino-platform/
