UK sportsbook and casino operator Midnite has raised $35 million in a Series C funding round led by Raine Partners IV, the growth equity fund of The Raine Group.
Existing investors Play Ventures, Discerning Capital, Makers Fund and Big Bets also participated, taking Midnite’s total equity funding to more than $75 million.
The raise follows a $100 million credit facility secured earlier this year. It was provided by House Advantage Fund (HAF) and was secured about three months before the Series C raise.
Midnite said proceeds from the Series C round will be used to scale operations, accelerate the development of its proprietary technology and products, and support international expansion. The company plans to leverage its in-house technology stack to disrupt the global betting market and establish itself as a tier-1 operator.
Most of the investment will go toward expanding Midnite’s team and strengthening its product-led strategy. The company will continue to hire senior product and engineering talent, with all engineering roles remaining UK-based.
Nick Wright, Co-founder of Midnite, said the company’s product-focused approach has been key to its success, with player experience remaining the top 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 at The Raine Group, said the firm is confident in Midnite’s long-term vision. He highlighted Midnite’s clear vision, dedication, and passion, noting that the team is well-positioned to lead in product innovation and looking forward to the company’s next developments.
Additionally, Anton Backman, General Partner at Play Ventures, emphasized the firm’s continued support for Midnite as it works toward 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,” he said. “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.”
Founded in 2018 by Nick Wright and Daniel Qu, Midnite launched as a sportsbook before adding horse racing and casino in 2023. The company entered a rapid growth phase in 2025 and now employs around 150 people.
The Raine Group is a global investment and advisory firm with a focus on gaming, sports, technology, music and entertainment.
Original article: https://www.yogonet.com/international/news/2026/01/20/117225-midnite-raises-35-million-in-series-c-led-by-raine-partners
